According to the latest analysis, Bitcoin (BTC) needs to close above $63,00 per day to reach a new all-time high.
Popular trader HornHairs defined several key BTC price levels where the bulls could next turn into support in his latest X content on September 19th.
Bitcoin traders believe $63,000
Bitcoin continues to rally after this week’s macro events energized risk assets.
After rising about 8% this week, BTC/USD is now facing a crucial resistance level that has held the market back for months.
“A very strong response to demand in the $57,000 zone was followed by a huge surge to $63,000,” HornHairs summarized.
“If we can clear $63,000 and hold above it at the HTF closing level (at least 1D), then given the HTF context, we can actually head towards the ATH.”
BTC/USD 1-day chart. Source: HornHairs/X
The mid-$60,000 level is important because it has a number of trend lines that are necessary to function as support. This includes the total cost base for Bitcoin’s short-term investor community. This level is traditionally associated with all bull markets.
Bitcoin on-chain volume chart. Source: MS2 Capital/X
Family office MS2 Capital then added that the 200-day simple moving average (SMA) currently coincides with the highest on-chain volume area of around $64,000.
The chart uploaded to X includes a comprehensive analysis of various high-timeframe resistance levels.
BTC/USD resistance levels. Source: MS2 Capital/X
Will the BTC price surge at the right time?
Meanwhile, renowned trader and analyst Rekt Capital shows that Bitcoin is already making progress within a multi-month downtrend channel.
relevant: Bitcoin rally beyond short-term bearish indicators has traders calling for new BTC price highs.
“Bitcoin is currently breaking out of a downtrend that began in late July,” he said.
The channel itself means that $67,000 is currently the key breakout level.
BTC/USD 1-week chart. Source: Rekt Capital/X
Meanwhile, the window for such a breakthrough is rapidly closing in. BTC/USD has been in what Rekt Capital calls a “reaccumulation range” since the April block subsidy halving event.
He noted that “Historically, Bitcoin has come out of its reaccumulation range 150-160 days after a halving.”
“It is currently about 158 days past half-life.”
BTC/USD 1-week chart. Source: Rekt Capital/X
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.