Bitcoin at a ‘pivotal juncture,’ $60K not out of the picture — Analyst
2024.09.27 13:52
Bitcoin (BTC) is at a critical crossroads. According to crypto analysts, while some traders are optimistic about an imminent surge as BTC price passes $66,000, others are not ruling out a retrace back to $60,000.
The speculation comes after Bitcoin surpassed $65,000 on Sept. 26 for the first time since Aug. 2.
Kraken analysts opined in an analyst note viewed by Cointelegraph that:
“The recent price action has been relatively tight, reflecting market indecision, as evidenced by the series of small-range doji candlesticks forming on the daily chart.”
Daily close above $65K is crucial for bulls
The analysts explained that a daily close above $65,000 “would likely confirm bullish momentum and open the path to higher levels.”
Meanwhile, amid the current price rise above $66,000, Bitcoin Open Interest (OI) saw an uptick of approximately 3.5% over the past seven days since Sept. 20, at $35.61 billion at the time of publication, according to CoinGlass data.
However, the Kraken analysts cautioned that if Bitcoin fails to “decisively break” above $65,000, it could trigger a retracement, with $60,000 being the first significant support level at risk.
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They argued that BTC/USD is “at a pivotal juncture, and traders should closely monitor the price action around these key levels for confirmation of the next directional move.”
Meanwhile, crypto analyst Matthew Hyland explained in a Sept. 26 analyst video that:
“This is the first time that this trend, this downtrend that we have been in for so long, is starting to change.”
Bitcoin ETF interest spikes as price passes $65K
Echoing a similar sentiment, pseudonymous crypto trader Rekt Capital added that Bitcoin is “on the cusp” of transitioning into the next stage of the Bitcoin market cycle, the “Parabolic Upside Phase.”
On Sept. 27, Cointelegraph reported that the total aggregate inflows for the 11 spot Bitcoin exchange-traded funds (ETFs) in the United States hit $365.7 million on Sept. 26.
The bumper ETF inflows were the largest since July 22, when there were inflows of $486 million. It also marked a sixth consecutive trading day of inflows for institutional investment products.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
