Bitcoin held its latest advances over the weekend, but there are plenty of arguments calling for a snap BTC price retracement.
Bitcoin circled $64,000 into the Aug. 25 weekly close as analysis warned that BTC price gains could soon be wiped.
BTC price faces struggle to preserve gains
Data from TradingView showed a flat weekend for Bitcoin
BTC $63,582 after rapid gains at the end of the previous Wall Street trading session.
These followed promising signals from the United States Federal Reserve regarding policy easing in September, specifically the first interest rate cuts since 2019.
Bitcoin was initially slow to react but ultimately hit two-week highs of nearly $65,000 before consolidating lower.
Analyzing the potential moves for the coming days, however, popular trader CrypNuevo was cautious.
In a thread on X, he determined that order book liquidity favored a drop to support, which would liquidate late longs.
“The levels with more liquidations are $63.5k (1h50EMA) & $62.2k,” he summarized, referring to the 50-period exponential moving average on the 1-hour chart.
BTC/USD could thus print a classic “Bart Simpson” pattern, heading back to the 50-period EMAs on one-hour and four-hour timeframes.
“It would make sense because they’d be filling the wick, stopping short positions and trapping some breakout traders,” he explained.
“Then the drop would flush the delta liquidations with a long squeeze to support.”
Other popular social media traders agreed with the idea, among them Trader ELM, who saw a dip to $62,700 before upward continuation.
“Buying “clean retests” such as 62.7K after BTC pumps are historically very low hit rate,” fellow trader Crypto Chase nonetheless countered on the day.
“When BTC is ready to rip, it RARELY offers clean retests.”
Crypto Chase suggested that a breakout above $65,700 would offer a clearer indication of bullish momentum, while conversely, keen observation was needed in the event of a drop back to $60,000.
“Watch how PA responds if 60K-61K is retested (to determine whether to long for another test of daily resistance 65K or short towards 57.5K~),” he wrote alongside an explanatory chart.
Analyst: Bitcoin seeks return to post-halving norm
Zooming out, trader and analyst Rekt Capital offered an optimistic take on BTC price performance.
Bitcoin, he noted, was close to reclaiming the area it had previously occupied following its April block subsidy halving — one he called the “post-halving reaccumulation range.”
“The importance of this technical event cannot be understated,” he argued.
“Essentially, Bitcoin is resynchronising with historical Post-Halving price tendencies.”
An accompanying chart compared this year’s post-halving price behavior to that after the previously halving in 2020.
To read article in Arabic, please visit the website Crypto Mena
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properl
