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Cryptocurrency analyst MMBT Trader revealed that Bitcoin price is retesting the ascending channel at… Price level $65,000. He also mentioned what market participants should expect if the major cryptocurrency stabilizes above or falls below this ascending channel.
Bitcoin price retests $65,000 and what could come next
MMBT trader is mentioned in a TradingView Share The $65,000 support area is now the key daily support area, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if Bitcoin price holds this support, investors can expect a “heavy pump,” which could lead to a new wave All time high (ATH).
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However, if Bitcoin price fails to maintain the upward channel of $65,000, such a breakout to the downside will lead to a free fall to the $60,000 support level. MMBT Trader even suggested that $50,000 worth of BTC could be retested if you fail to hold more than $65,000. Meanwhile, the breakdown means that the major cryptocurrency could range for a while before making another attempt to break the ATH of $73,000.
analyst Justin Bennett also recently He highlighted the $65,800 range as a first test for Bitcoin price. He also noted that Bitcoin could fall to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup.
Bitcoin price has so far remained well above $65,000 since it once again regained $67,000 after the price collapse two days ago. However, Bennett noted that Bitcoin is not yet in the clear despite the bounce on October 23. He claimed there was none Bottom confirmed As long as the main crypto is below $68,200.
BTC needs a weekly close above this level
In X post, Crypto analyst Rekt Capital It was stated that a weekly close above $66,200 will be confirmed as a successful retest. He noted that the leading cryptocurrencies are showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it.
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The accompanying chart showed that a Bitcoin price drop below $66,200 before the weekly close could lead to a further collapse below the $66,200 level. Support level is $60,000.
Meanwhile, bear the analyst CrediPool Crypto He predicted that Bitcoin price could retest the $68,000 range for a “taste of some final long trades” before suffering a “rug pull” to the $60,000 support level. The analyst is one of those who believes 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 is trading at around $67,000, rising over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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