Biggest Breakout! Bitcoin Surpasses $62,000—$71,000 Next?

Story Highlights

• This breakout alone may not be sufficient for a massive upside rally, BTC needs to close a daily candle above the $62,200 level.

• If BTC holds above the $62,200 level there is a high possibility it could rise to $68,000 and $71,000.

• BTC’s open interest has jumped by 2.5% in the past hours and 3.2% in the last 24 hours, indicating growing interest from traders.

Bitcoin (BTC), the world’s biggest cryptocurrency has seen a notable breakout of the crucial $62,000 level after struggling for almost 20 days. Based on the price action and technical analysis, this is a breakout from a bullish ascending triangle, which may lead to a significant upside rally in the coming days.

Biggest Breakout in Bitcoin

This breakout alone may not be sufficient for a massive upside rally. For a significant rally to occur, BTC needs to close a daily candle above the $62,200 level.

Bitcoin Price Prediction

According to expert technical analysis, Bitcoin is in an uptrend as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. If BTC holds above the $62,200 level there is a high possibility it could rise to $68,000 and $71,000, its next resistance level.

Recently a prominent crypto expert made a post on X (previously Twitter) that Bitcoin’s bull-bear market indicator has been moving in a bearish and bullish range and has switched back to bullish again indicating a bullish outlook for BTC.

Since early August, the #Bitcoin bull-bear market indicator has been oscillating between bearish and bullish. Now, it has switched back to bullish again! pic.twitter.com/HxDcuQuxFe

— Ali (@ali_charts) August 23, 2024

Bitcoin’s Rising Open Interest and Price Analysis

At press time, Bitcoin (BTC) is trading near $62,000 and has experienced a price surge of over 2.1% in the last 24 hours. However, the major rally comes following the opening of the US stock market. Despite a crucial breakout, its trading volume declined by 26% during the same period, indicating lower participation from traders.

Whereas, BTC’s open interest has jumped by 2.5% in the past hours and 3.2% in the last 24 hours, according to the on-chain analytic firm CoinGlass. This increase in open interest indicates growing interest from traders and investors following the recent breakout.

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