Crypto trader Killa said Bitcoin’s near-term direction hinges on whether it can hold above $60,000 while staying inside its current trading range. In a post cited by BlockBeats on Aug. 14, Killa said BTC had been declining into Aug. 14 and that the market is now at a key level.
According to the trader, if Bitcoin continues to trade above $60,000, the current price area could develop into a short-term low. That would keep the existing structure intact and leave room for price stabilization.
Killa also outlined the downside case. If BTC drops below $60,000 and loses the current range, the odds of a deeper move lower during the rest of August would increase sharply. From the current level, a break of $60,000 could open the way for a move below $57,000, in his view.
On the upside, Killa said that if Bitcoin can preserve its structure after Aug. 14 and reclaim the $61,000 to $62,000 area, it may return to a range-bound rebound for the remainder of the month. The comments frame $60,000 as the immediate support level and $61,000-$62,000 as the zone to recover for a rebound scenario.
Bitcoin could drop below $57,000 during the rest of August if it loses the $60,000 level, according to trader Killa.
In a post cited by BlockBeats on Aug. 14, Killa said BTC had been falling into Aug. 14, and that the immediate question is whether the asset can keep holding its current range while staying above $60,000.
He said the current area could become a short-term low if Bitcoin continues to trade above $60,000.
Killa added that if BTC breaks below $60,000 and loses the current range, the chance of a further decline through the remainder of August would rise noticeably. From the current level, such a break could lead to a move below $57,000.
On the other hand, if Bitcoin keeps its current structure after Aug. 14 and regains the $61,000 to $62,000 zone, he expects BTC could move back into a range rebound during the rest of the month.
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