Key Points:
- Bitcoin recovers from recent lows, climbing over 16%.
- Analysts predict a breakthrough beyond $65,000, signaling a potential new all-time high.
- Key resistance and support levels around $60,000 play a crucial role in the next price movements.
- Sentiment in the futures market hints at potential further growth for Bitcoin.
Bitcoin’s Recent Recovery and Surge Beyond $60,000
After hitting a recent low of $52,546 on September 6, Bitcoin has shown an impressive 16% recovery. This rapid price rebound has reignited discussions among cryptocurrency analysts, many of whom believe this upward movement could be the start of a new historic run for the cryptocurrency.
According to prominent Bitcoin analyst, Jel, Bitcoin recently hit a high of $60,670 on September 13, which surpassed the previous high of $59,830 recorded on September 3. Jel’s analysis suggests that the market is strong enough to breach the critical $65,000 resistance level. “Bitcoin looks ready to break through $65,000 and may set a new all-time high,” he commented.
Altstein Trader, another respected analyst, agrees, noting that the market shift toward a bullish trend seems highly promising. Breaking the $65,000 threshold could set the stage for a new market high, solidifying Bitcoin’s bullish momentum.
The Resistance at $60,000: Key Market Factors
Dan Crypto Trades, a well-known market observer, noted that Bitcoin is trading near the middle boundary of a descending parallel channel, close to the $57,902 mark. He emphasized that this is an “interesting spot” for Bitcoin, as a 5% increase from this level could pave the way for a larger 10% move upward. A 15% increase from the $57,900 level would see Bitcoin prices soaring above $66,000.
Data from TradingView showed a 5% rise in Bitcoin’s price following the start of trading on Wall Street on September 18. This jump took Bitcoin over the $60,738 zone, which houses key moving averages (50-day, 100-day, and 200-day). BTC touched an intraday high of $61,331 before slightly pulling back to $60,540 by the time of writing.
The Importance of the $60,000 Zone
The $60,000 price zone is a crucial resistance level, according to data from IntoTheBlock. Their In/Out of the Money Around Price (IOMAP) model shows that Bitcoin faces significant resistance around the $60,465 to $60,278 range, where approximately 1.53 million addresses had previously purchased around 604,760 BTC.
This strong resistance is also reflected in Coinglass data, which reveals substantial sell orders around the $60,000 mark. The Bitcoin liquidation heatmap indicates that around $40.13 million worth of sell orders are positioned at this level, bolstering the resistance that bearish traders are relying on to prevent further upward momentum.
Futures Market Sentiment
Adding to the bullish sentiment, analyst Kyldope shared data from CryptoQuant, highlighting a significant rise in futures market sentiment since the beginning of the year. According to CryptoQuant, the increase in this sentiment indicator has historically preceded large price increases. “This indicator has shown an 89% correlation with price rallies in four different cycles, suggesting Bitcoin is poised for potential growth,” Kyldope explained.
Final Thoughts: What Lies Ahead for Bitcoin?
Bitcoin’s recent price movement over $60,000 is a critical point in its potential next rally toward new highs. With analysts closely watching the $65,000 resistance level, this price could act as a gateway to new all-time highs. However, the substantial resistance in the $60,000 zone, fueled by sell orders and past purchase history, is something traders must be cautious of.
The growing optimism in the futures market indicates that there might be more room for upward movement, but only time will tell whether Bitcoin can capitalize on this momentum and push toward $65,000 and beyond.
