Popular Bitcoin analyst suggests key breakout point for Bitcoin amid bearish price action in the market. While the price of Bitcoin has been experiencing a downtrend, the momentum and movement over the past few months have established several significant price levels. These levels can provide traders with valuable information about potential future actions of Bitcoin.
One such level is the $65,000 price level, and according to the cryptocurrency market analyst, breaking it should eventually create solemn fear of missing out among market participants.
Exceeding $65,000
The Bitcoin analysis in question was brought to the cryptocurrency community on social media platform X by a pseudonymous analyst known as The Crypto Dog, who boasts a significant following of over 804,000 people. The influential figure in the cryptocurrency space highlighted one of the most critical levels of Bitcoin’s price action, specifically pointing to the $65,000 level.
Amid the prevailing market decline, the $65,000 level has become a significant point of interest due to Bitcoin’s recent consolidation in the $60,000 to $70,000 range. This consolidation suggests that traders are closely watching these levels for signs of a potential breakout or further decline.
Crypto Dog noted that if Bitcoin manages to break through the $65,000 threshold, it could potentially trigger a wave Fear of missing out on something (FOMO) among market participants. This phenomenon, where traders rush to buy assets for fear of losing potential profits, can create significant buying pressure. This raise in buying activity could provide Bitcoin with much-needed momentum to significantly exceed the $70,000 mark.
I’m patient, but I think that may have been the cause of the entire decline. Breaking the $65k threshold should cause some solemn FOMO
Strength vs. Alternative Accounts Could Be What It Takes to Reach Over $70K photo: twitter.com/hBzpAh60P3
— Kryptopies 📈 (@TheCryptoDog) August 1, 2024
Current State of Bitcoin
Bitcoin price started the modern week on a more negative note than many expected. Bitcoin fell below $50,000 on Monday, August 5, around 6:30 AM UTC +0 for the first time since early February. At the time of writing, Bitcoin is trading at $52,544 and is down 13.20% in the last 24 hours, bouncing back to $49,500. The cryptocurrency is also down 24.30% in the longer seven-day time frame.
With this latest action, Bitcoin broke below the significant $60,000 price range, putting $50,000 in the spotlight. A bounce just above $49,500 means that $50,000 is now main support level monitor. As such, a noticeable break higher from this level could trigger a little FOMO among market participants. However, $65,000 is still a significant level that could decide the success or failure of any bull run.
Featured image created with Dall.E, chart from Tradingview.com
