Watch these BTC price levels as Bitcoin taps $64K
2024.09.20 03:56
Bitcoin needs a daily close above $63,00 to open up the road to new all-time highs, the latest analysis says.
In his latest X analysis on Sept. 19, popular trader HornHairs defined some key Bitcoin (BTC) price levels for bulls to flip into support next.
Bitcoin traders put faith in $63,000
Bitcoin continues to rebound after the week’s macroeconomic events delivered a boost to risk assets.
Up nearly 8% over the week, BTC/USD now faces a crucial area of resistance, which has kept 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 summarized.
“If we can clear $63k and hold above it on a HTF closing basis (at least the 1D) then, considering HTF context, we could make a real push towards ATHs.”
BTC/USD 1-day chart. Source: HornHairs
The mid-$60,000 zone is significant because it hosts various trend lines required to function as support. These include the aggregate cost basis for Bitcoin’s short-term investor cohorts — a level that traditionally accompanies every bull market.
Bitcoin onchain volume chart. Source: MS2 Capital
Continuing, family office MS2 Capital added that the 200-day simple moving average (SMA) now coincides with the largest onchain volume area of around $64,000.
Among charts uploaded to X included a comprehensive breakdown of various high-timeframe resistance levels.
BTC/USD resistance levels. Source: MS2 Capital
A timely BTC price breakout?
Meanwhile, popular trader and analyst Rekt Capital shows that Bitcoin is already making headway within its multimonth downward channel.
Related: Bitcoin rally above short-term holder metric has traders calling for new BTC price highs
“Bitcoin is breaking the Lower High downtrend dating to late July as we speak,” he revealed.
The channel itself means that $67,000 is now a key breakout level.
BTC/USD 1-week chart. Source: Rekt Capital
Time for that breakout, meanwhile, is fast running out — BTC/USD has been in what Rekt Capital calls a “reaccumulation range” since its block subsidy halving event in April.
“Bitcoin has historically broken out from its ReAccumulation Range 150-160 days after the Halving,” he noted.
“It is currently ~158 days after the Halving.”
BTC/USD 1-week chart. Source: Rekt Capital
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.
