After a major rally toward a monthly peak, bitcoin’s price has lost momentum and is down to $64,000, which is very close to a level that could provide more insight into which way the asset is going next.

Popular analyst Ali Martinez outlined the two most likely charts depending on whether BTC breaks out or down.

$67K Again or $60K?

The analyst told his over 165,000 followers on X that the primary cryptocurrency has returned to the key support level at $63,800 after failing at $67,000 earlier this week. He believes this critical line will determine the next leg, whether it will head back toward that aforementioned monthly high or crumble down to $60,000 as it did on a few occasions in June and in early July.

Given his recent assessment of the upcoming month, though, the odds are leaning bearish. As reported earlier, Martinez outlined historical data showing that August has been anything but a positive month for the largest cryptocurrency. The last four editions have all been in the red, and only three out of the past 12 have posted gains. The last significant August rally came nine years ago when it pumped by 65% during the 2017 bull run.

On the positive side, CW reported that small whales holding between 100 and 1,000 BTC have seen their positions turn green. The analyst claimed that such developments in the past preceded short-term upticks or more profound rallies.

BTC Still Capped

Rekt Capital noted that all of BTC’s recent breakout attempts have been halted at approximately $65,500 on the weekly scale, which is where the 50-Month EMA is positioned. He warned that BTC may be “developing a new multi-week lower high” after the latest rejection.

In addition, he noted that the declining buy-side volume hints at another bearish shift, as sellers have stepped up lately.

“The more seller-dominant the volume becomes while Bitcoin is at resistance, the greater the chances for a rejection from here,” he concluded.

Source: CryptoPotato