Key Takeaways:
- Bitcoin’s Market Structure Shift: Analysts highlight that Bitcoin price’s recent action, surpassing previous September highs, indicates a local bullish market structure shift, setting the stage for potential new all-time highs.
- Key Resistance at $65,000: A strong resistance level at $65,000 is seen as the next major hurdle. Breaching this point could open the door for Bitcoin to achieve new price records.
- Favorable Technical Indicators: Bitcoin has broken past key exponential moving averages, signaling bullish momentum. However, the $60,000 mark remains a significant resistance zone.
- Futures Sentiment Rising: Data from CryptoQuant shows that rising futures sentiment, with an 89% historical correlation to price increases, suggests that Bitcoin could experience significant growth in the near term.
- Large Ask Orders Around $60,000: A substantial amount of ask orders and supplier congestion at the $60,000 level makes it a critical area of resistance for Bitcoin to overcome in its upward trend.
Bitcoin price is showing signs of a potential rally to new all-time highs, according to various market analysts. After rebounding 16% from its September 6 low of $52,546, Bitcoin price has surged past significant resistance points, with experts forecasting further upward momentum.
BTC/USD | Source: TradingView
Independent analyst Jelle observed a key shift in Bitcoin’s market structure after BTC closed higher than the previous September high, marking a reversal in trend. Jelle highlighted Bitcoin price’s recent peak at $60,670 on September 13, surpassing the earlier high of $59,830. This bullish structure indicates that Bitcoin could breach the $65,000 resistance level and eventually aim for new all-time highs.
Local structure turned back to bull here — after closing higher than the previous September high, and locking in a higher low as well.
Looks ripe to take out $65,000 — and then new all time highs.#Bitcoin pic.twitter.com/r6elnqXiWq
— Jelle (@CryptoJelleNL) September 17, 2024
“The local market structure has turned bullish,” Jelle noted in a September 17 analysis. The shift suggests that Bitcoin price could soon overcome resistance at $65,000 and continue its upward trajectory.
Other prominent analysts echo Jelle’s sentiment. Altstein Trader commented that crossing the $65,000 mark could pave the way for Bitcoin price to break its previous record, signaling a strong bull run in the coming months. Daan Crypto Trades also observed Bitcoin trading near a critical point within a descending parallel channel at $57,902. The analyst suggested that if Bitcoin moves 5% higher from this level, it could trigger a larger 10% surge, pushing BTC price above $66,000.
Read More: Bitcoin Price Prediction
Technical Indicators and Key Resistance Levels
Bitcoin price’s recent momentum has been driven by a series of gains following Wall Street’s market opening on September 18. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price surpassed the $59,300 resistance level, where key exponential moving averages (50-day, 100-day, and 200-day EMAs) are clustered. This led to an intraday high of $61,331 before retracing slightly to $60,540.
For Bitcoin to maintain its bullish trend, analysts believe the $60,000 resistance level must turn into support. As reported by Cointelegraph, the area around $60,000 represents a significant barrier due to the large volume of Bitcoin purchased within the $60,465 to $62,278 range. Data from IntoTheBlock reveals that 604,760 BTC were bought by approximately 1.53 million addresses within this price range, adding to the challenges Bitcoin faces in breaking through this level.
Bitcoin IOMAP chart | Source: IntoTheBlock / CoinTelegraph
Additionally, a liquidation heatmap from CoinGlass shows $40.13 million in ask orders accumulating around the $60,000 mark, indicating strong resistance from bearish traders.
Futures Sentiment Suggests Further Growth
Despite these resistance levels, the overall market sentiment remains positive. According to CryptoQuant data shared by analyst Kyledoop, the futures sentiment index has been rising steadily since the beginning of the year. Historically, increases in this metric have been correlated with significant Bitcoin price surges across four market cycles.
With an 89% historical correlation between rising futures sentiment and price increases, Bitcoin may be on the verge of further growth. Analysts are optimistic that the crypto will continue its bullish trend and potentially reach new all-time highs in the near future.
Source: CoinTelegraph
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