Kraken Analysts Issue Warning About Bitcoin (BTC) Price! "If This Level Is Not Broken, A Big Drop Is Coming!"
Kraken analysts said in their latest report that Bitcoin needs to surpass $62,000 to avoid falling to $49,000 levels again.
While Bitcoin has been struggling with consecutive sharp declines since its ATH in March, investors are eagerly awaiting a rally that will take BTC to new ATH levels.
At this point, Kraken analysts said in their latest report that Bitcoin needs to exceed $62,000 to avoid falling to $49,000 levels again.
According to Kraken analysts, Bitcoin is at a critical juncture and the $62,000 resistance must be overcome to prevent BTC from falling to $49,000 again.
“The $62,000 resistance level is critical because failure to hold could signal a deeper correction.
Bitcoin’s current price action suggests a corrective pattern rather than a strong rally. Therefore, BTC needs to break $62,000 to avoid a sharp decline again.”
As you may recall, Bitcoin fell below $50,000 on August 5, known as “Crypto Black Monday,” dropping to $49,842. BTC fell to these levels for the first time since February.
Currently trading around $61,240, Bitcoin has been struggling to surpass the $62,000 resistance since August 9.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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