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Bitcoin Remains Above $58.4K Support Level for 5+ Consecutive Days

Written By: ChartChamp

August 14, 2024

Bitcoin continues to hold above the $58,400 support level over the past 5 days, and today will be the 6th day if Bitcoin holds. There is $2 billion worth of Mt. Gox Bitcoin on the move right now, which could lead to a drop here. Although Bitcoin is remaining above $58.4K, we are seeing little upside so far. There has been a lot of sideways price movement headed into this week’s July PPI and CPI inflation data announcement. I think we will find a direction soon, and $58.4k remains as the key level to monitor here to make sure there is continued support.

Bitcoin’s price is still holding above the $58.4k support line despite today’s Mt. Gox FUD. We’ll see if the price holds up tomorrow and potentially starts trending upward.

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