Bitcoin continues to recover from its recent decline and may attempt to reach the $70K mark in the near future. However, it is still too early to talk about the cryptocurrency's full return to sustained growth. This was stated on August 10 by Kirill Komalenkov, Director of Strategic Communications at Bitbanker, in an interview with Izvestia.
According to data from the first half of the day, Bitcoin was trading around $65.2K. The leading cryptocurrency has been in the range of $63–66K for several weeks. After a drop to the level of $57.8K, the market was able to recoup some of its losses, but it has not yet managed to consolidate above the resistance zone of $66–67K.
"In the coming week, the main target range for Bitcoin may be $64–67.5K. Further dynamics will depend on the behavior of buyers and sellers. If the price falls below $64K, selling pressure could intensify, potentially leading to a decline in Bitcoin to the area of $62–63K," Komalenkov noted.
If buyer activity persists, the cryptocurrency may continue its upward movement. In the event of a confident breakthrough above the $67.5K mark, the next targets could be the levels of $68–70K.
The expert noted that the $68–70K zone remains a key resistance level for Bitcoin from a technical analysis perspective. Upon reaching these levels, it will be important to monitor market participants' behavior: a change in sellers' strategy could lead to widespread profit-taking and trigger a sharp correction.
The base scenario until mid-August remains moderately positive. Komalenkov expects that Bitcoin may attempt to reach the range of $67–70K, but the current upward movement should still be viewed as a recovery from a strong decline, not as confirmation of a new "bull" cycle.
According to the expert, a confident breakthrough above the $70K level will become one of the key signals for revising expectations and possibly concluding the "bearish" scenario on the cryptocurrency market.
Deputy Finance Minister Ivan Chebeskov stated on June 16 that non-qualified investors in Russia will soon be able to legally buy Bitcoin, Ethereum, and popular stablecoins. He also clarified that an annual limit of 300,000 rubles through one intermediary has been proposed for "non-quals."
