On August 8, cryptocurrency analyst Lennaert Snyder shared his latest view on Bitcoin. According to Snyder, Bitcoin has made two attempts to break above $65,400 but failed on both occasions. Meanwhile, the downside around $62,300 has provided relatively strong support. As a result, the price is now trading within this range and is expected to enter the weekend in a sideways pattern. Snyder described this week's overall trading as slow, adding that it is not an appropriate time to open short positions. Instead, he plans to wait for the price to push above the current high and complete a rally before considering any short entries. His longer-term target remains at $68,100, and if that level is reached, the price would also break above the previous month's high. Snyder further stated that he will wait for the above-mentioned price action to materialize before setting up a larger pullback or swing trade. He has already reduced some short positions to lock in profits and lower his risk exposure. In terms of market structure, a large number of buy and sell orders have accumulated between the two key price levels, indicating that the market is in a tense phase before deciding its next direction. Snyder prefers to wait for a confirmed breakout before taking any new action.
Bitcoin's recent price action has left traders guessing. On August 8, crypto analyst Lennaert Snyder observed that Bitcoin twice failed to push above $65,400, while finding solid support near $62,300. The pair now looks set to drift into the weekend, trapped between these two levels.
Snyder said this week's market has been slow overall, and shorting right now is not a good idea. His plan: wait for a break above the recent high, let the price complete a rally, then look for short opportunities. A longer-term target sits at $68,100, a level that would also take out the previous month's high.
The analyst added that once that move plays out, he intends to position for a larger correction or a swing trade. He has already closed part of his short position, locking in profit and reducing risk exposure.
On the order book side, a heavy cluster of buy and sell orders has built up between the two key price levels. That suggests the market is in a tense stage, waiting to pick a direction. For now, Snyder is waiting for a confirmed breakout before committing fresh capital.
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