Bitcoin (BTC) heads into the August monthly close with a welcome recovery as BTC price action targets $65,000.
The largest cryptocurrency has delivered a remarkable show of strength over the past week, and traders hope the good times will continue.
A sideways weekend aside, BTC/USD is cementing its gains and is now up an impressive 40% from the month’s $45,500 lows.
The coming monthly candle close should thus provide an interesting trading environment as anticipation grows over a breakout from a consolidation phase which has lasted nearly half a year.
Can Bitcoin finally retackle all-time highs?
Month-to-date, BTC/USD is now almost back at its starting position, but plenty of volatility catalysts await.
Macroeconomic data will come thick and fast toward the end of the week, presenting a fresh test of nerve for the increasingly risk-averse Bitcoin short-term holder cohort.
Fundamentals, meanwhile, look good, with mining difficulty due a modest uptick in the coming days.
Sentiment is back in neutral territory, with the average crypto investor leaving their cold feet behind with impressive speed.
Cointelegraph takes a closer look at the state of play on Bitcoin ahead of a key week for the cryptocurrency which just a fortnight ago was battling calls for a fresh bear market.
Bitcoin monthly close in the spotlight
Bitcoin is firmly bouncing back after a harrowing start to August, but traders’ attention is now on the monthly close.
BTC/USD 1-hour chart. Source: TradingView
Such events constitute volatility triggers on their own, and while up 40% versus the month’s lows, BTC price action has much to contend with.
“Bitcoin Fought its way back to an almost break even August,” popular trader Daan Crypto Trades summarized on X alongside data from monitoring resource CoinGlass.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Order book liquidity insights nonetheless show formidable resistance lingering overhead, with spot BTC price separated from all-time highs by a wall of asks.
BTC liquidation heatmap (screenshot). Source: CoinGlass
“Now let’s see if there’s also fuel to actually push higher for a change,” Daan…
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