Bitcoin's August Outlook: Can it Reclaim $70,000?
Bitcoin's price has been on a rollercoaster ride in recent months. After peaking at $126,000 in October 2025, it lost half its value and currently trades at around $63,000.
The number one cryptocurrency fell to its lowest price in 21 months of $58,000 on July 1 but recovered 13% by the end of July. However, the bulls couldn't hold onto their gains and Bitcoin closed the month at $63,700.
Average investors who bought BTC in the last five months are sitting on losses as they paid an average price of $68,000 to $69,000 but now see the price at $63,000. These losses are causing selling pressure that is killing each rally before it reaches $66,000.
To break this resistance, Bitcoin needs a weekly close above its 50-month exponential moving average of $66,000.