bitcoin is at a crucial juncture after enduring weeks of aggressive corrections and disappointing price action. The cryptocurrency is currently testing the crucial psychological level of $60,000 and is facing a critical phase where investor sentiment is shifting from fear to cautious optimism.
This transition comes at a time when many are anticipating a potential rally in the coming weeks. Leading macro and blockchain analysts, including CryptoQuant experts, have highlighted that if bitcoin can break through the important resistance at $69,500, it can trigger a substantial move to new highs.
Data suggests that such a breakout could trigger an uptrend that would take bitcoin into hitherto uncharted territory. Therefore, this critical price point could be the key to determining the short-term direction. Investors and market observers are keenly watching this key level as it has the potential to reshape btc’s future trajectory.
bitcoin Bull Market: The Road to a New ATH
bitcoin has seen a remarkable surge of over 15% since hitting local lows on September 6, leading to a significant shift in investor sentiment. This upward movement has sparked fresh debates among analysts and traders about the possibility of an uptrend.
The growing optimism is driven by the insights of prominent on-chain analyst Axel Adler of CryptoQuant. Adler recently x.com/AxelAdlerJr/status/1834849853337116767″ target=”_blank” rel=”noopener nofollow”>shared revealing data about xindicating that btc’s bullish rally could begin once the price breaks above $69,500. According to Adler, this key level will likely trigger an increase in fear of missing out (FOMO) in the market as former profit-takers return to btc, driven by the fear of missing out on potential gains.
Adler’s analysis highlights btc’s annual quantile trend chart, a valuable tool for identifying bullish phases in the bitcoin market. This chart suggests that breaking through the $69,500 threshold, which is above the 75% quintile, will be crucial to starting the next bullish phase. Historically, when bitcoin begins a rally, it tends to be fast and volatile, often causing a shakeout among skeptical investors.
If bitcoin successfully breaks above the $69,500 level, as anticipated by crypto enthusiasts, it could signal the start of a major bull run. The market’s response to this potential breakout will likely set the stage for bitcoin’s price trajectory and overall market sentiment in the near term.
btc Technical Levels
bitcoin is trading at $60,252 following a streak of positive sentiment and rising price action. The recent surge has pushed btc above the critical 200-day 4-hour exponential moving average (EMA) at $58,800, a level that had acted as resistance since early August.
bitcoin price, which remains above $60,000, is now flirting with higher prices, suggesting that the market may be positioning itself for substantial gains in the coming months. This shift in momentum could be the start of a stronger uptrend if bitcoin continues to consolidate above $60,000.
However, if btc fails to hold support at this level and drops below the 200 4H EMA, a deeper correction is likely. The next significant support level would be around $55,500 where demand could stabilize the price or potentially dip if selling pressure intensifies. The next few days will be pivotal in determining whether btc will continue its upward trajectory or face a temporary pullback as traders look forward to key levels holding or breaking.
Featured image of Dall-E, chart from TradingView
