Bitcoin (BTC) has two new key levels to hold support as BTC price rebounds from 10-day lows.
In his latest coverage of
$65,000 is the do or die BTC price level
Bitcoin rebounded this week after reaching $69,000 for the first time since the summer, but sellers were unable to maintain control for long.
Downward momentum briefly accelerated after Wall Street opened on October 23 as stop-loss levels began to appear, according to data from Cointelegraph Markets Pro and TradingView.
The result was a surge to $65,000, Bitcoin’s lowest since October 10th. Nonetheless, the subsequent rebound pushed BTC/USD back above $67,000.
BTC/USD 1-hour chart. Source: TradingView
In doing so, the bulls avoided a test of the 21-week simple moving average (SMA), an important weekly trendline.
This level, currently at $62,700, should remain there with “no wick below it,” which would be “a signal that the short-term uptrend remains intact,” argues Alan.
However, this week’s BTC low came within inches of the last cycle’s all-time high, which reached $64,950 on Bitstamp in April of that year rather than November 2021.
“Thursday brought a solid test of the mid-cycle high and is now closely correlated with the 21-week MA,” Alan summarized.
“We will see if BTC can stay above technical support through the weekly close.”
The attached chart shows areas of interest along with trading signals from one of Material Indicators’ proprietary trading tools.
BTC/USD 1-day chart. Source: Keith Alan/X
The analyst believes Bitcoin will retest its all-time highs in “two to four weeks.”
As Cointelegraph reported, risk asset markets, including cryptocurrencies, continue to anticipate volatility surrounding the US presidential election and Federal Reserve interest rate decision in the next two weeks.
relevant: Bitcoin ETF outflows $79 million, 2-week bull market ends amid BTC price ‘sideways’
Before then, US macroeconomic data could add to the uncertainty, with the Purchasing Managers’ Index (PMI) and weekly jobless claims being released on October 24.
“A hot unemployment report could trigger a reversal,” Material Indicators continued on the data’s potential BTC price impact.
He added that the latest bullish trading signals would be “nullified” if the BTC price falls back below $65,000.
Other market participants were confident the worst was over.
Popular trader CrypNuevo told his
“I think the worst case scenario for LTF is that it forms a W bottom to fill the wick made today. “Once support comes back, we will have more confidence, but we think that’s good.”
BTC/USDT 1-hour chart. Source: CrypNuevo/X
Cryptocurrency trader, analyst and entrepreneur Michaël van de Poppe went further and predicted that Bitcoin would rematch its all-time highs within the next month.
His latest X post reads: “Bitcoin drop has occurred.”
“I think the correction is over as today’s macroeconomic season opens with PMI data. “I expect to be able to take the ATH test in the next 2-4 weeks.”
BTC/USDT 6-hour chart. Source: Michaël van de Poppe/X
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.