• Bitcoin price has witnessed positive movements since this week’s beginning. 
  • The cryptocurrency recorded 56.29 million in 24 hour liquidations as per coinglass data.

The crypto sector has shown positive momentum since the beginning of this week. In the last 24 hours, the market recorded a 1.80% increase in market cap while the daily trading volume surged by 40.31%. The largest cryptocurrency, Bitcoin surpassed resistance at the $56K level and has inched closer to $60K. 

On the other hand, the leading altcoin Ethereum remains stagnant at $2,600. Other altcoins also show attempts to initiate price recovery in the coming days. Notably, Bitcoin has shown a daily price increase of 1.32% and returned to the $59K level, after sliding down recurrently to $56,000. 

Furthermore, in early Asian hours of August 12, the token traded at $58,436. Following this, BTC sparked bullish candles and prices momentarily hit an intraday high of $60,680. Moreover, the token’s daily trading volume also surged by 44.92%. At the time of writing, Bitcoin was $59,289 as per CMC data . 

Is Bitcoin Price Breakout In Sight As It Returns to Previous Cycles? image 0 Is Bitcoin Price Breakout In Sight As It Returns to Previous Cycles? image 1 BTC/USD Daily Price Chart (Source: TradingView )

Meanwhile, the token still leans towards selling sentiments in the market with its RSI standing at 41.62. Relatedly, according to coinglass data , Bitcoin recorded $56.29 million in liquidations in the last 24 hours. Additionally, BTC’s short-term 9-day MA stands below the long-term 21-day MA according to TradingView reports. This indicates the still existing overall bearish trend. 

Will Bitcoin Experience a Price Breakout After Current Recovery? 

The beginning of August witnessed a tremendous market crash in Bitcoin. The cryptocurrency prices plummeted to a low of $49,121 on August 5. The following weeks witnessed BTC attempting to return to previous trading cycles. Subsequently, after several struggles, the token managed to break resistance at the $55K and $56K levels to reach the current price range. 

Notably, if the token sustains this positive momentum, it can be expected to witness price breakouts. According to market analysts, Bitcoin is expected to witness new highs in the coming months. Additionally, several leading crypto institutions were observed buying the current dip. 

On the other hand, Bitcoin mining firms witnessed a significant record-low in daily revenue in the last 24 hours. The mining revenue plummeted to -0.06% according to sources.

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