Bitcoin is holding above the $68,000 level, but has yet to break the critical $69,000 level. After weeks of bullish price action, the market is closely watching confirmation of the breakout from a seven-month accumulation pattern that has built significant momentum.
Senior Analyst Dan recently shared his thoughts, noting that this breakthrough is now a reality, sparking optimism among investors.
As Bitcoin continues to rise, many are anticipating a small bounce, followed by a strong bounce that could pave the way for a challenge to the all-time highs at $73,000. The key level to watch remains $69,000, and if BTC can maintain its strength above this price, it is increasingly likely that the price will rise to new highs.
With the market filled with optimism and the accumulation phase over, investors are closely watching the upcoming moves, anticipating that the next big rally will take shape soon.
Bitcoin weekly close is coming
Bitcoin is about to close the week above $68,000, its highest weekly close since late July. The market remains bullish, with optimism fueling new targets for the leading cryptocurrency in the coming weeks.
Senior Analysts and Investors Dan He recently shared his technical analysis on Xindicating that Bitcoin’s breakout of the previous price channel has been confirmed. “The breakout looks strong after the few daily closes mentioned above, and the weekly close will likely confirm that as well,” Dunn noted.
As BTC continues to hold its ground, investors are bracing for potential volatility in the coming weeks, especially with the upcoming elections adding an element of uncertainty to the market. Despite this, Dan remains confident, highlighting that Bitcoin’s current chart looks promising, even with the potential for some short-term disruption.
The next two weeks will be crucial to determine the strength and pace of Bitcoin as it approaches new price targets. A sustained close above $68,000 would reinforce the bullish outlook, and many investors are eagerly waiting to see if Bitcoin can surpass the $70,000 level and possibly challenge its all-time highs.
The entire market is watching closely as Bitcoin continues to build momentum for the next phase of its rally.
Bitcoin technical levels
Bitcoin is currently trading at $68,200 after a notable 9% rise since Monday. The weekly chart shows a bullish structure, and to consolidate this bullish outlook, BTC must push above the critical level of $70,000.
Such a breakout is likely to trigger significant fear of missing out (FOMO) among investors eager to enter the market. If the price succeeds in breaking the $70,000 level, the next target will be the all-time highs at $73,000, indicating strong bullish momentum.
However, there are risks involved. If BTC fails to break the $70,000 resistance level and falls below the $66,500 level, the market could enter a sideways consolidation phase or, worse, a correction to low demand levels. This scenario may dampen the current bullish sentiment and increase uncertainty for traders.
In short, the coming days are crucial for Bitcoin. A decisive move above $70,000 could pave the way for a rally towards all-time highs, while failure to do so could lead to a difficult period of price stagnation or a downward correction. Investors are closely monitoring these price levels to gauge the future direction of BTC.
Featured image by Dall-E, chart from TradingView