Deribit analyst: Bitcoin may break through the key resistance level of $61,800

ChainCatcher message, Deribit analyst Anand Raj's latest report indicates that Bitcoin may soon break through the key supply zone of $61,800. The analysis shows that this price level has been tested multiple times without significant pullbacks, suggesting an increased likelihood of a breakout.

Raj believes that the expectation of a Federal Reserve rate cut in September, combined with increased inflows into U.S. Bitcoin ETFs, will drive Bitcoin prices higher. With institutional funds continuing to flow in, the market is expected to regain a bullish sentiment.