ChainThink reports that on August 8, crypto analyst Lennaert Snyder stated that Bitcoin has failed to break above two attempts near $65,400, with strong support near $62,300 below; the price remains consolidating between these two levels.
He said that market activity has been relatively slow this week, making it unsuitable to initiate short positions for now; he plans to wait for a price breakout above the current high to form a new higher high before considering establishing a short position.
Lennaert Snyder also noted that the longer-term target remains at $68,100, and if reached, it would also break above the previous month’s high.
He has closed part of his short position to lock in profits and reduce risk exposure, as the current market is in a phase where buy and sell orders are heavily concentrated, awaiting directional confirmation.