|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price Needs a Daily Close Above $63,000 to Open Up the Road to New All-Time Highs, Latest Analysis Says
Sep 20, 2024 at 03:10 pm
Bitcoin continues to rebound after the week's macroeconomic events delivered a boost to risk assets.
Bitcoin ( BTC ) price action is setting up for a breakout to new all-time highs, according to several pseudonymous crypto traders.
The cryptocurrency needs a daily close above $63,000 to open up the road to new all-time highs, the latest analysis says.
Bitcoin price needs a daily close above $63,000 to open up the road to new all-time highs. Source: X
Pseudonymous crypto trader HornHairs defined some key Bitcoin price levels for bulls to flip into support next.
In his latest X analysis on Sunday, he highlighted the mid-$60,000 zone, which hosts several trend lines that could keep the market pinned for months.
“Massive level coming up here at $63k after a very strong reaction off the demand in the $57k area,” HornHairs said.
Bitcoin price stood at $62,250 at the time of writing, up 7.5% over the week. However, BTC/USD now faces a crucial area of resistance, which has kept the market pinned for months.
“After a strong bounce off the short-term demand area, we are approaching a key level that has been talked about for a while now,” the trader added.
Among charts uploaded to X included a comprehensive breakdown of various high-time frame resistance levels.
Pseudonymous crypto trader MS2 Capital also highlighted the mid-$60,000 zone.
In his analysis on Sunday, MS2 noted that the 200-day simple moving average (SMA) now coincides with the largest onchain volume area of around $64,000.
“200-day SMA coincides with the largest onchain volume area around $64k,” MS2 said.
Bitcoin onchain volume chart. Source: MS2 Capital
Meanwhile, popular trader and analyst Rekt Capital showed that Bitcoin is already making headway within its multimonth downward channel.
“Bitcoin is breaking the Lower High downtrend dating to late July as we speak,” Rekt noted in his analysis on Saturday.
The channel itself puts $67,000 as a key breakout level.
BTC/USD 1-week chart. Source: Rekt Capital
However, time for that breakout is fast running out.
According to Rekt, BTC/USD has been in what he calls a “reaccumulation range” since the block subsidy halving event in April.
“Bitcoin has historically broken out from its ReAccumulation Range 150-160 days after the Halving,” the trader added.
BTC/USD 1-week chart. Source: Rekt Capital
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- $ALCX Airdrop Step-by-Step Guide: How to qualify for ALCHEMIX Airdrop?
- Sep 20, 2024 at 06:25 pm
- Redeeming your blockchain $ALCX tokens is simple! Just go through these quick steps and instantly use your tokens right away.
-
- European Commission Opens Proceedings to Enforce Apple's Compliance with the Digital Markets Act (DMA)
- Sep 20, 2024 at 06:25 pm
- The European Commission recently opened two proceedings to enforce Apple's compliance with interoperability regulations set out by the Digital Markets Act (DMA).
-
- BLUR's Monthly Token Unlocking Event Releases $6.94M Worth of BLUR Tokens
- Sep 20, 2024 at 06:25 pm
- BLUR's monthly token unlocking event has come around once again, with 39.46 million BLUR tokens, valued at $6.94 million, unlocked and transferred from the Blur unlocking contract to the 0x0A0 multi-signature address just 7 hours ago.
-
- UNI Early Investor Transfers $17M Worth of Tokens to Coinbase, Sparking Speculation
- Sep 20, 2024 at 06:25 pm
- Just an hour ago, the address sent 1.19 million UNI to the exchange, valued at $8.01 million.
-
- Celo Surpasses TRON in Daily Active Stablecoin Addresses, Signaling Africa's Stablecoin Breakout
- Sep 20, 2024 at 06:25 pm
- This week at @Token2049, the Celo Foundation and cLabs are making headlines as Celo's daily active stablecoin addresses recently surpassed those of @trondao.
-
- Claim $STRAX Like a Pro — Fast!
- Sep 20, 2024 at 06:25 pm
- Did you qualify for Stratis Airdrop?
-
- Dormant Bitcoin (BTC) Miner Wallets From the 'Satoshi Era' Suddenly Wake Up to Move $15M
- Sep 20, 2024 at 06:25 pm
- Several Bitcoin (BTC) miner wallets that have been dormant for over 15 years suddenly woke up and have moved 250 BTC worth over $15 million.
-
- Whale Activity Spikes for FTM, IMX, and BAT Following the Fed's Interest Rate Cuts
- Sep 20, 2024 at 06:25 pm
- The recent interest rate cuts by the Federal Reserve have triggered a surge in whale activity for key altcoins like Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT), according to Santiment, a leading market intelligence platform.
-
- The Decentralized AI Society Launches to Ensure AI Serves Humanity's Broad Interests
- Sep 20, 2024 at 06:25 pm
- Crypto and Web3 industry leaders launched the Decentralized AI Society (DAIS), an umbrella organization helping builders of decentralized learning models, data providers, hardware suppliers and advocates of safe and beneficial AI to collectively ensure that artificial intelligence serves humanity's broad interests rather than a select few tech giants.