BlockBeats News, August 8th. Cryptocurrency analyst Lennaert Snyder stated that Bitcoin is currently testing the $65,400 resistance level for the second time without success. Meanwhile, there is strong support around $62,300, and the price has been oscillating between these two levels entering the weekend. The market has been relatively slow this week, not ideal for short positions at the moment. The plan is to wait for a breakthrough above the current high, complete a round of upward momentum, and then consider opening short positions.

The long-term target is still at $68,100, and once reached, it is expected to break through the high of the previous month. Analyst Lennaert Snyder mentioned that he will wait for the above-mentioned trend to unfold before positioning for a significant pullback or swing trade. Some short positions have been closed to lock in profits and reduce risk exposure. Currently, the market has accumulated a large number of buy and sell orders between two key price levels, entering a tense phase of choosing a direction. The strategy is to wait for a breakout confirmation before taking action.