Bitcoin (BTC) is at an important crossroads. According to cryptocurrency analysts, some traders are optimistic that a surge is imminent as the price of BTC surpasses $66,000, while others are not ruling out the possibility of a return to $60,000.
The speculation comes after Bitcoin surpassed $65,000 on September 26 for the first time since August 2.
Kraken analysts commented in an analysis note reviewed by Cointelegraph:
“Recent price action has been relatively tight, reflecting market indecision, as evidenced by a series of small range doji candlesticks forming on the daily chart.”
A daily close above $65,000 is very important for the bulls.
A daily close above $65,000 would “confirm bullish momentum and pave the way for a move to higher levels,” analysts explained.
Meanwhile, with the current price showing an upward trend above $66,000, Bitcoin open interest (OI) was $35.61 billion at the time of issuance, an increase over the past seven days since September 20, according to CoinGlass data. It rose about 3.5%.
However, Kraken analysts warned that a retracement could be triggered if Bitcoin fails to “break decisively” above $65,000, with $60,000 being the first significant support level at risk.
relevant: Bitcoin sell-side risk has hit a 2024 low of just $10,000 in BTC price history.
They argued that BTC/USD is “at a critical juncture and traders should closely monitor price action around these key levels to identify the next directional move.”
Meanwhile, cryptocurrency analyst Matthew Hyland explained in an analyst video on September 26:
“This is the first time that this long-standing trend, a downward trend, is starting to change.”
Bitcoin ETF interest surges when price exceeds $65,000.
Echoing similar sentiments, anonymous cryptocurrency trader Rekt Capital added that Bitcoin is “on the cusp” of transitioning into the next phase of the Bitcoin market cycle, a “parabolic upswing phase.”
On September 27, Cointelegraph reported that total inflows into 11 U.S. spot Bitcoin exchange-traded funds (ETFs) hit $365.7 million on September 26.
The bumper ETF inflow is the largest since July 22, when $486 million was inflow. Institutional investment product inflows were recorded for 6 consecutive trading days.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.