Bitcoin has started August well!
After a long break, Bitcoin saw the levels of $ 45,000 again.
Bitcoin price has been trading in a wide range between $30,000 and $42,000 since the May drop.
Bitcoin has moved around $36,000 on average since the drop. When Bitcoin, which has made a sharp rise recently, reached $ 45,000 again, this development also excited crypto money investors.
According to data collected earlier this year, $42,000 was a very significant level. In January 2021, Bitcoin made its first peak, reaching $42,000. However, the price of Bitcoin came up to $ 30,000. After going through a short correction period, it retested the $42,000 top. Bitcoin, which gained strength at the level of $ 30,000, then went up to $ 64,000.
At the moment, we can see a similar breakout in BTC price again. At the same time, there is no rule that every price action in the past will be repeated again. It would not be right to evaluate the Bitcoin price, which depends on many parameters, only based on historical price data.
If Bitcoin price does not fall below $42,000, it will be possible to try the levels we mentioned. If the market can sustain this rally, it looks like we should keep an eye on the $49,000 and $52,000 price range.
If the price goes down, BTC could decline to $36,500, which was previously considered a strong support.