Bitcoin price approaches key resistance as traders eye all-time high breakout

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MarsBit
09-20
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Bitcoin traders are beginning to consider a retest of all-time highs, but Bitcoin price support needs to be firmly consolidated.

The latest analysis says that Bitcoin needs to break through $63,000 on a daily basis to open the way to a new all-time high.

In his latest X analysis on September 19, renowned trader HornHairs defined some key price levels that Bitcoin bulls will turn to for support next.

Bitcoin traders confident of $63,000

Bitcoin continued to rebound as macroeconomic events this week boosted risk assets.

BTC/USD is up nearly 8% this week and is now facing a key resistance level that has troubled the market for months.

“After a very strong response to demand in the $57,000 area, prices here have risen sharply to $63,000,” HornHairs concluded.

“If we can break above $63,000 and stay above that on a HTF close (at least 1D), we could really push for an ATH given the HTF backdrop.”

breakthrough BTC/USD 1-day chart. Source: HornHairs

The mid-$60,000 region is significant because it contains the various trend lines needed to act as support. These include the total cost basis of Bitcoin’s short-term investor community — a level that has traditionally occurred in every bull run.

breakthrough Bitcoin on-chain transaction volume chart. Source: MS2 Capital

Family office MS2 Capital went on to add that the 200-day simple moving average (SMA) now coincides with the area of ​​maximum on-chain volume, which is around $64,000.

The chart uploaded to X includes a comprehensive breakdown of various high time frame resistance levels.

breakthrough BTC/USD resistance level. Source: MS2 Capital

BTC price breaks out in time?

Meanwhile, prominent trader and analyst Rekt Capital said Bitcoin has made progress within its multi-month descending channel.

He revealed : “Bitcoin is breaking out of its downward trend from lows seen since late July.”

The channel itself means that $67,000 is now a key breakout level.

breakthrough BTC/USD 1-week chart. Source: Rekt Capital

Meanwhile, the time for a breakout is quickly running out — BTC/USD has been stuck in what Rekt Capital calls a “re-accumulation range” since the block subsidy halving event in April.

“Historically, Bitcoin has broken out of its re-accumulation range within 150-160 days of the halving,” he noted.

“It is currently approximately 158 days until the halving.”

breakthrough BTC/USD 1-week chart. Source: Rekt Capital

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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