Bitcoin Price Tests $60,225 Support: Will Bulls Push to $65,000?

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

August 29, 2024

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Bitcoin price is currently trading at $60,272, showing a potential shift in momentum after a recent dip. The $60,225 level has emerged as a critical support point, with traders closely monitoring whether Bitcoin can sustain this level and target higher resistance levels in the coming sessions.

Haru Invest CEO Stabbed During South Korea Fraud Trial

The CEO of South Korean cryptocurrency firm Haru Invest was stabbed during a fraud trial. The attacker, reportedly a man in his 50s who lost money to Haru Invest, targeted CEO Lee, who is accused of misappropriating $826 million from 16,000 users. The attack occurred just before the trial began.

In June, Haru Invest suddenly halted withdrawals, causing widespread outrage among its customers. Lee was hospitalized with non-life-threatening injuries, and the attacker was arrested.

Authorities are investigating the motive behind the assault, which highlights the growing tension in the crypto industry.

Stacks Network Begins Nakamoto Upgrade for Faster Bitcoin Transactions

The Stacks network, a Bitcoin layer-2 solution, has initiated its Nakamoto upgrade to enhance transaction speeds and enable smart contracts on Bitcoin. This upgrade, named after Bitcoin’s creator, Satoshi Nakamoto, decouples Stacks’ block production from Bitcoin’s schedule.

The upgrade is expected to roll out to network operators over the next two weeks and will culminate in a hard fork. A new feature in this upgrade is the proof-of-transfer (PoX) consensus algorithm, allowing users to mine Stacks blocks and earn rewards by burning Bitcoin.

This upgrade is part of Stacks’ broader strategy to boost utility, including the introduction of sBTC, a bridge asset between Bitcoin and Stacks. The announcement comes amid a slight drop in Bitcoin’s (BTC) price, influenced by market sentiment.

Texas Warns of Rising Energy Demands from AI and Bitcoin Mining

Texas is raising concerns about the increasing energy demands from Bitcoin mining and AI data centers. ERCOT, the state’s grid operator, warned that electricity demand could potentially double due to new crypto mines and AI hubs, along with population growth and prolonged heat waves.

ERCOT estimates that an additional 65,000 megawatts of power will be needed, with about half of this demand coming from AI and cryptocurrency activities.

State officials, including Lieutenant Governor Dan Patrick, are worried that these industries may contribute little in terms of jobs but consume large amounts of electricity, potentially leading to rolling blackouts.

Texas is now considering steps to manage the energy impact of these high-demand industries. Following this news, Bitcoin (BTC) saw a slight decline of 0.5% as concerns over the sustainability of crypto mining in energy-intensive regions grow.

Bitcoin Eyes Key Support at $60,225: Will Bulls Maintain Momentum?

Bitcoin is currently trading around $60,272, showing signs of recovery after a recent dip. A critical upward trendline has been providing solid support, converging near the $60,225 level—a key pivot point for the next potential move.

If Bitcoin manages to stay above this level, it could trigger further upside momentum, targeting $62,154 and potentially $64,426.

However, if Bitcoin fails to hold above $60,225, it may retest the support at $57,998. The RSI, recovering from oversold conditions and now at 50.77, indicates balanced momentum with a slight bullish bias.

Traders should watch for a breakout above $60,225 as confirmation of continued bullish action. Sustaining this level could reignite optimism, pushing Bitcoin to higher targets.

Bitcoin Adoption Grows as Crypto All-Stars Nears $1M in Presale

As Bitcoin’s adoption accelerates, the newly launched platform Crypto All-Stars is gaining significant traction.

With just over two days left in its presale, the platform has raised $845,830 out of a $1,082,698 target. The presale is set to end soon, with the current rate at 1 $STARS = $0.0014135.

Crypto All-Stars is leveraging Bitcoin’s influence to create innovative staking opportunities by integrating it with popular meme coins.

Although Bitcoin isn’t a meme coin, its substantial market impact is driving interest in projects like Crypto All-Stars, which offers unique staking options for Bitcoin and meme coin holders alike.

Since its launch, the platform has attracted considerable attention, raising $730,000 in just a week. With strategic token allocation aimed at long-term growth, Crypto All-Stars presents an appealing opportunity for investors.

If you’re a meme coin holder looking to maximize your investment, Crypto All-Stars offers a compelling alternative to Sun Wukong. Visit the website to purchase $STARS with ETH, USDT, BNB, or even by card.

Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.

Join the Presale Here