Bitcoin climbed above $64,000 again on August 17. Buying in the $63,300 area was said to support the short-term outlook, while the search for direction continued.
Glassnode data pointed to historically compressed volatility in Bitcoin. However, the direction of the price was said to remain unclear.
Price range in focus in the short term
The $62,200–$64,700 range stood out in the short-term outlook. Bitcoin had previously held around $64,000 as well, but analysts had assessed that no clear signal for a new rally had emerged.
During this period, the $66,000–$67,000 range and the area around $72,000 were identified as resistance levels. Current data indicates that despite Bitcoin trading above $64,000, its short-term price direction has yet to be established.
