Originally published on: September 20, 2024
Bitcoin is eyeing new all-time highs as it aims for a daily close above $63,000, according to the latest analysis. Renowned trader HornHairs has outlined vital Bitcoin price levels that bulls should target to establish support and propel the ongoing rally.
Key Resistance and Support Levels
After experiencing a significant rebound in response to recent macroeconomic developments, Bitcoin is up by nearly 8% this week. However, as BTC/USD approaches a crucial resistance area that has constrained the market for an extended period, the battle for a breakthrough intensifies.
HornHairs highlighted the importance of the $63,000 level, emphasizing its significance following a robust bounce from the $57,000 demand zone. The mid-$60,000 range is critical as it incorporates essential trend lines necessary for acting as a support base, including the collective cost basis for Bitcoin’s short-term investor groups – a pivotal level during bull markets.
Onchain Volume and Moving Averages
Recent insights from family office MS2 Capital underscored the merging of the 200-day simple moving average (SMA) with the predominant onchain volume concentration around $64,000. Additionally, extensive analysis provided a detailed breakdown of various high-timeframe resistance levels, shedding light on the prevailing market dynamics.
Breakout Potential and Reaccumulation Range
Noteworthy analyst Rekt Capital observed Bitcoin breaking out of its multi-month downward channel, signaling positive price action. The Lower High downtrend since late July is experiencing a breakthrough, hinting at potential upside towards $67,000, considered a critical breakout level.
Considering the historical context, Bitcoin is navigating a reaccumulation range post its block subsidy halving event in April. Rekt Capital suggests that the breakout from this phase typically occurs around 150-160 days post-halving, adding to the anticipation of a forthcoming bullish surge.
Disclaimer: This content aims to provide insights and updates on Bitcoin’s price movements and key levels. It is essential to note that all investment decisions carry risks, and readers are encouraged to conduct thorough research before making any financial commitments.
