# Can Bitcoin Overcome $62K Resistance to Prevent a Repeat of 'Black Monday’s' $50K Plunge? By Sheena Jordan Canonical URL: https://www.tokenpost.com/news/business/12792 Published: 2024-08-23T09:05:56.000Z Updated: 2024-08-23T09:05:56.000Z Section: Business > Bitcoin’s current resistance at $62,000 is a critical threshold to avoid another steep decline below $50,000, potentially mirroring last August’s Black Monday. Bitcoin’s current resistance at $62,000 is a critical threshold to avoid another steep decline below $50,000, potentially mirroring last August’s Black Monday. Bitcoin Must Reach $62K to Avoid Retesting $49K According to an analyst report (via [Cointelegraph]()) from one crypto exchange, Bitcoin is at a vital juncture: In order to prevent a retest of $49,000, it must reach $62,000 and remain there. But a few of crypto traders think Bitcoin won't fall below $50,000 for a long time. Kraken: Bitcoin’s Price Action Suggests a Corrective Pattern In a technical market update that Cointelegraph reviewed on August 21, Kraken wrote, "The price action suggests a corrective pattern rather than a strong bullish reversal." Bitcoin has not surpassed $62,000 since August 9, according to data from [CoinMarketCap](), and is now trading at $60,691 as of publication. Bitcoin is trading close to its 200-day exponential moving average of $59,500, which adds credibility to the most current price data, as it was further described. "Clear resistance" at $62,000 is necessary for Bitcoin to avoid retesting $49,000, according to Kraken. Crypto Black Monday Last Saw Bitcoin Below $50K August 5, often known as "Crypto Black Monday," was the last time Bitcoin dropped below $50,000, reaching $49,842. This was the first time it was below that level since February. With $1.04 billion in short positions eliminated, a change to $62,000 might catch many prospective traders off guard, according to statistics from [CoinGlass](). "This level is crucial as failure to hold could signal a deeper correction," said the statement. In a post to their 257,100 followers on August 22, the anonymous cryptocurrency trader Profit Blue expressed a similar view. Profit Blue announced: Another school of thought holds that the recent downturn was really a buying opportunity and that the negative momentum is now coming to an end. Alex Becker, a crypto pundit, informed his 1 million X followers on August 22: Bitcoin broker PlanB included: [TokenPost]() | info@tokenpost.com ## Links in this article - [Cointelegraph](https://cointelegraph.com/news/bitcoin-price-resistance-level-crypto-black-monday-kraken-crypto-update) - [CoinMarketCap](https://coinmarketcap.com/currencies/bitcoin/) - [CoinGlass](https://www.coinglass.com/pro/dashboard/bitcoin) - [TokenPost](https://www.tokenpost.com)