The Bitcoin (BTC) price is trading 16% higher than its local low of $52,546 recorded on September 6, and analysts believe this reversal could be the start of a new all-time high.
“Bitcoin’s local structure has turned bullish again here after closing above its previous September high, while also confirming a higher low,” independent Bitcoin analyst Zell wrote in a September 17 post on X.
Gel mentioned Bitcoin’s recent high of $60,670 recorded on September 13, which was higher than the September 3 high of $59,830. According to the analyst, this setup suggests that the market is strong enough to overcome the resistance at $65,000 and later face supply congestion at the all-time high.
“It looks like it’s ready to take $65,000 and make a new all-time high.” BTC/USD 12-hour chart. Source: Jelle
“A localized bullish reversal looks promising,” anonymous analyst Altstein Trader wrote in response to Jelle’s analysis, adding that “a break above the $65,000 mark could set the stage for a new all-time high.”
Meanwhile, popular crypto analyst Daan Crypto Trades found that Bitcoin is trading near the middle boundary of a descending parallel channel at $57,902.
According to the analyst, this was an “interesting point” as a 5% move above this level could pave the way for a “bigger move” of around 10% higher. A 15% move from $57,900 would take the BTC price above $66,000.
Source: Daan Crypto Trades
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin rose 5% for the first time since Wall Street opened on September 18, breaking above the supplier congestion zone where the 50-day, 100-day, and 200-day exponential moving averages (EMAs) are currently located at $59,300 and $60,738. The move sent the BTC price to an intraday high of $61,331 before dropping to $60,540 at the time of publication.
As Cointelegraph previously reported, Bitcoin needed to turn this barrier into support to maintain bullish momentum.
relevant: Bitcoin Trader Says It’s ‘Too Early’ to Call BTC Price Bottom
The $60,000 supplier congestion has become a major hurdle for Bitcoin price resistance, as evidenced by data from IntoTheBlock. The price-period in/out-of-the-money (IOMAP) model shows that Bitcoin faces relatively strong resistance around this level.
The $60,000 barrier is close to the $60,465 and $62,278 price ranges, where about 604,760 BTC were bought by about 1.53 million addresses.
Bitcoin IOMAP chart. Source: IntoTheBlock
Additional data from CoinGlass shows that there is a massive sell order buildup around this level, further emphasizing its significance in the bear market.
Bitcoin Liquidation Heatmap. Source: Coinglass
The liquidation heatmap above shows that there are about $40.13 million in sell orders near the $60,000 level, further solidifying the upside resistance.
Meanwhile, Kyledoop shared data from CryptoQuant, revealing that the futures sentiment index has been on the rise since the beginning of the year.
According to CryptoQuant, an increase in this indicator often precedes a significant price surge.
“#Bitcoin looks to have potential growth with a price surge over 4 cycles and a historical correlation of 89%.”
Bitcoin Futures Sentiment Index. Source: CryptoQuant
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.