Will Bitcoin Price Recover to the $60K Level After Recent Dip?

• Bitcoin price plummeted significantly and fell to the $50K level over the last weekend. 
• The token showed upward movement in the past few days as per CMC data.

The crypto market saw announcements of Binance being imposed by GST fees and the Ronin Network’s hack in the last 24 hours. Importantly, on-chain data provider Crypto Quant’s author, observed that almost 60% of the top 50 cryptocurrencies have lost their 2024 gains. On the other hand, the largest cryptocurrency, Bitcoin has managed to sustain its recent upward movement after the weekend price dip. 

Notably, Bitcoin price has shown a 1.87% increase in the last 24 hours. At the beginning of August 6, the token was trading at the $55K level, breaking the first resistance after sliding to $49K the previous day. Following this, BTC briefly slid to an intra-day low of $54,198, before sparking bullish candles. 

In the early hours of August 7, the token began showing upward movements and surpassed $56K attempting to recover to previous trading levels. Contrastingly, the token’s daily trading volume dipped by 41.07% as per CMC data. At the time of writing, Bitcoin was trading at $56,864. 

Zooming out, over the past month, the cryptocurrency has factored in a 2.28% increase, while its weekly performance shows a 13.66% decline. Moreover, parallel to the last 7 days’ price performance, market sentiment still resides in the selling zone. This is indicated by the token’s RSI standing at 35.44. Additionally, Bitcoin’s short-term 9-day MA stands below the long-term 21-day MA suggesting the overall bearish trend, as per TradingView reports. 

What to Expect for Bitcoin Price in the Coming Months? 

According to coinglass data, Bitcoin witnessed a liquidation of $67.25 million in the last 24 hours. The amount of liquidations has shown a reduction compared to the previous days influenced by the recent price recovery. On August 6, BTC recorded $289.32 million in liquidations. 

Notably, if the token sustains current upward momentum, Bitcoin price might reach previous trading levels of $60K. As inferred from the daily price chart, in case of a bull run, the token might face resistance at $62,507 and $65,112. However, in case of a bearish turn, BTC will fall to find support at $54,826 and $53,824. 

Meanwhile, TheNewsCrypto analysts have predicted a bullish price of $81,013.11 for Bitcoin in 2024.