Analysis: Bitcoin's First Momentum Rally Fails, But Sideways Trading Could Hold Above $62,300

BlockBeats News, August 16th, the blockchain analysis platform Swissblock stated in a post that the Bitcoin initial momentum ignition has failed, and therefore the trend path pointing to March to April remains valid. It mentioned that the momentum indicator briefly rose above the zero axis, but the intensity was not sufficient to form a complete ignition, and it has now returned to the "Transition Area."

Swissblock stated that as long as Bitcoin holds the range of $62,300 to $62,500 and the momentum indicator remains in the Transition Area, the current trend can still maintain a sideways consolidation.

It pointed out that the failure of the momentum ignition itself is not rare, and what really needs to be observed is whether Bitcoin falls below the "Transition Area." If this area is breached, Bitcoin will move away from the current consolidation structure and face the risk of falling back to the surrender stage.