NEWSLETTER
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crypto analyst MMBT Trader has revealed that bitcoin price is retesting a bullish channel in the bitcoin-stalls-65000-sellers-losing-momentum/” rel=”nofollow”>$65,000 price level. He further mentioned what market participants should expect if the flagship cryptocurrency stays above or falls below this bullish channel.
bitcoin price retests $65,000 and what could come next
MMBT Trader mentioned in a CommerceSee publication that the $65,000 support zone is now the main daily support, and market participants can expect a valid retest of the channel breakout. The analyst stated that if bitcoin price maintains this support, investors can expect a “strong pump,” which could lead to a new bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>all-time high (ATH).
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However, if bitcoin price fails to hold the bullish channel of $65,000, such a downward break would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of btc retesting $50,000 if it fails to stay above $65,000. Meanwhile, a breakout means the flagship cryptocurrency could swing for a while before making another attempt to surpass its ATH at $73,000.
Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for bitcoin price. He had also indicated that btc could fall to around $63,000 if it does not stay above this level. However, successfully holding above this price range would invalidate your trading setup.
So far, bitcoin price has remained well above $65,000 since recovering back to $67,000 after the price crash two days ago. However, Bennett indicated that btc is still unclear despite the October 23 bounce. He stated that there is no bitcoin-bottom-20-decline/” rel=”nofollow”>confirmed fund as long as the flagship cryptocurrency is below $68,200.
btc needs a weekly close above this level
In a post cryptoanalyst Rekt Capital mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship cryptocurrency was showing promising signs so far as it had produced a wick below the $66,200 price level and returned above it.
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The accompanying chart showed that bitcoin price falling below $66,200 before the weekly close could lead to a further decline below the level. bitcoin-price-crashed-60000/” rel=”nofollow”>$60,000 Support Level.
Meanwhile, bearish analyst CrediBULL crypto predicted that bitcoin price could retest the $68,000 range to “bait some final long positions” before it suffers a “rug pull” to the $60,000 support level. The analyst is one of those who believes that it is still too early to call for a new ATH for btc based on his belief that the flagship cryptocurrency still needs to retest the lower range.
At the time of writing, bitcoin price is trading at around $67,000, up in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
