Bitcoin Smashes Through $61,000 Resistance as Bulls Take Control: What’s Next For BTC?
Bitcoin's price jumps over $61,000, from its horizontal pivot point. Bullish outlook confirmed but upside room could be limited.
Key Takeaways
- The market found support at $2 trillion and surged by 5.65% today.
- Bitcoin’s recovery above $61,000 confirms a bullish outlook.
- Strong positive sentiment surrounding Cardano boosts market confidence.
In a dramatic turn of events, the cryptocurrency market has surged past the $2 trillion milestone, posting a remarkable 5.65% gain.
At the forefront of this rally is Bitcoin (BTC), which has shattered the $61,000 resistance level, sending a strong signal that bulls are firmly in control.
Why Did The Market Recover Today?
Bitcoin’s comeback is attributed mainly to an increase in bullish sentiment across the market, particularly among top cryptocurrencies like Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and Cardano (ADA). The shift in sentiment has been significant, as investors are regaining confidence after the market faced a downturn earlier this month.
According to Santiment data , one of the most striking elements of this recovery is the strong positive sentiment surrounding Cardano. Despite a substantial 47% decline over the past five months, it has reached its highest sentiment levels since 2024.
This indicates that many investors remain optimistic about Cardano’s long-term potential. The broader market recovery reflects this renewed optimism. Together, these factors suggest that the market is entering a renewed strength and stability phase, driven by both technical and sentiment-based factors.
BTC Price Analysis
As of Aug. 15, Bitcoin experienced a notable recovery from its recent pivot point, confirming a bullish outlook. Since Aug. 5, Bitcoin’s price has steadily climbed, reaching a high of $62,400.
This was followed by a slight pullback, interpreted as either a minor wave 4 in an emerging five-wave uptrend or the beginning of a new downtrend after completing a three-wave ABC correction to the upside.
The critical pivot point was at $57,600. According to the Elliott Wave Theory, if Bitcoin‘s price had fallen below this level, it would have invalidated the possibility of a five-wave uptrend. Instead, Bitcoin bounced from this pivot point, signaling a continuation of the bullish trend.
This confirms that the market was likely in the early stages of a new uptrend rather than reversing into a downtrend. This bounce and subsequent price movement solidified the bullish sentiment in the market during this period.
As the price jumped to $61,570 on today’s high, it broke out above its descending channel. Further upside continuation is expected, but this advancement could limit the upside potential.
If the price makes a five-wave pattern from Aug. 5, BTC could have one higher high of around $66,000 ahead. Should the momentum persist above this area, there is a chance BTC will move to $70,000 next.
However, if it encounters resistance, it could fall to $54,600 before moving decisively to $70,000.
