Originally published on: September 29, 2024
Bitcoin’s price of $67,557 is signaling a potential trend change in both its weekly and monthly charts. With a close above $65,000, Bitcoin breaks the trend of lower highs that have been prevalent for the past 6 months.
Traders are now optimistic about Bitcoin’s price trajectory after a recent rally above $66,000. The market had previously experienced narrative exhaustion, but new catalysts have reignited bullish sentiments among traders.
Recent events, including central bank interest rate cuts and a possible return to loose monetary policy, have led traders to believe that Bitcoin and other cryptocurrencies may become more attractive as investment options.
Technically, Bitcoin has seen three daily closes above the 200-day moving average, and the price is trading above a 196-day descending trendline. A close above $65,000 would set a higher high candle on the weekly and monthly timeframes.
Despite the potential for price pullbacks to the 20-day moving average at $62,000 in the coming week, traders are hopeful that strong support will defend this level and push Bitcoin’s price through resistance levels at $66,000 to $68,000.
The emergence of new bullish narratives has traders excited about the prospect of Bitcoin testing new all-time highs. With the market showing signs of renewed momentum, traders are keeping a close eye on Bitcoin’s price action in the weeks ahead.
