Breaking News: Will This Volatile Summer End With Bullish Signs For Bitcoin Price?

As the crypto market keeps intensifying its volatility this August, Bitcoin price has been the key point of interest in any breaking news. Following Powell's recent speech, it surged and surpassed several resistance levels, but in the past 24 hours, Bitcoin price went back down to its support level around $58k. So, how will Bitcoin price move during those last days of August, will September start with new highs?

Bitcoin Price Analysis: Key Resistance and Support Levels to Watch

Understanding key resistance and support levels can be crucial for navigating the volatile Bitcoin market. Resistance levels act as a ceiling, potentially hindering price increases. Key resistance levels for Bitcoin include $68,000, $64,500, and $62,900. Conversely, support levels act as a floor, potentially preventing further price drops. Strong support is identified between $56,000 and $57,000, with additional support at $58,000 and $60,000-$61,000. A break below these support levels could lead to a deeper decline.

By TradingView - BTCUSD_2024-08-28 (3M)

Market Sentiment and Potential Triggers For BTC Price

Despite the recent price drop, the overall market sentiment remains cautiously optimistic. Some see the current market as an opportunity to "buy the dip" (BTFD) while others are wary of continued downside volatility, particularly if Bitcoin fails to break above resistance levels. A potential trigger for a bullish run could be lower interest rates from the Federal Reserve, which is expected to be decided in September 2024.

Industry Leaders Remain Bullish on Long-Term Bitcoin Potential

Prominent figures like Samson Mow (JAN3 CEO) and Robert Kiyosaki ("Rich Dad Poor Dad" author) continue to advocate for Bitcoin's long-term potential. Mow suggests Bitcoin could reach $1.5 million by Q1 2025, while Kiyosaki emphasizes Bitcoin as a hedge against inflation.

Bitcoin Price Prediction: Is BTC Price Headed for a Breakout or Downturn?

The Bitcoin market has been a rollercoaster ride this summer, with dramatic price swings leaving investors on edge. After briefly touching $64,000 in August, Bitcoin price dipped below $60,000, sparking questions about its future trajectory.

While some analysts believe Bitcoin price is in a bearish trend based on technical indicators, others see positive signs. These analysts point to Bitcoin reclaiming key levels as a bullish signal, suggesting a potential breakout if the monthly close for Bitcoin price surpasses $64,300.

By TradingView - BTCUSD_2024-08-28 (5D)

With the contradicted analysis regarding Bitcoin's future and that of the crypto market in general, and conflicted predictions from prominent figures as well as traders and key analysts, Bitcoin price and its current trends results remain highly unpredictable, as any surge just like in the past days could be very short and can bring it back to lower than when it rose. So, let's see how will the next breaking news affect the crypto market and the Bitcoin price.