Analysis: Bitcoin failed to break through the $65,400 level after testing it twice, with a large backlog of buy and sell orders awaiting a directional move.
2026.08.08 19:30:59
Crypto analyst Lennaert Snyder said Bitcoin has failed to break through the $65,400 level on two separate tests, while the $62,300 level below has solid support, with the price consolidating between these two levels heading into the weekend. This week’s price action has been relatively slow, making short selling unadvisable for now; he plans to wait for an upward breakout above the current high and a subsequent rally before considering opening short positions. The longer-term target remains at $68,100, and once hit, it is expected to also break through the previous month’s high. Snyder added that he will wait for the above-mentioned price action to materialize before positioning for a larger pullback or swing trade. He has already closed part of his short positions to lock in profits and reduce risk exposure. Currently, the market has accumulated a large number of buy and sell orders between the two key levels, and is in a tense phase of choosing a direction, so he opts to wait for a breakout confirmation before taking action.
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