Bitcoin is holding firm above $68,000 but has yet to surpass the critical $69,000 level. After weeks of bullish price action, the market is closely watching for confirmation of a breakout of the seven-month accumulation pattern that has generated significant momentum.
Prominent analyst Daan recently shared his thoughts and stated that this breakup is now a reality, fueling optimism among investors.
As Bitcoin continues its ascent, many anticipate a small pullback, followed by a strong rebound that could pave the way to challenge all-time highs around $73,000. The key level to watch remains $69,000, and if BTC can maintain its strength above this price, a rise to new highs looks increasingly likely.
With the market brimming with optimism and the accumulation phase over, investors are closely monitoring the next moves, hoping that the next big rally will take shape soon.
Bitcoin weekly close coming soon
Bitcoin is poised to close the week above $68,000, marking its highest weekly close since late July. The market remains bullish and optimism will drive new targets for the leading cryptocurrency in the coming weeks.
Leading analyst and investor Daan recently shared his technical analysis on Xstating that Bitcoin’s breakout from its previous price channel has been confirmed. “The breakout looks strong after these few daily closes, and the weekly close is likely to confirm this as well,” Daan noted.
As BTC continues to hold its ground, investors are bracing for potential volatility in the coming weeks, especially as the upcoming election will add an element of uncertainty to the market. Despite this, Daan remains confident and highlights that Bitcoin’s current chart looks promising, even with the possibility of some short-term turbulence.
The next two weeks will be critical in determining the strength and pace of Bitcoin as it approaches new price targets. A sustained close above $68,000 would solidify the bullish outlook, and many investors are eagerly waiting to see if Bitcoin can break through the $70,000 level and potentially challenge its all-time highs.
The entire market is watching closely as Bitcoin continues to gain momentum for the next stage of its rally.
BTC 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 solidify this bullish outlook, BTC must surpass the critical $70,000 level.
Such a breakout would likely trigger significant fear of missing out (FOMO) among investors eager to enter the market. If the price successfully breaks above $70,000, the next target will be the all-time highs around $73,000, indicating strong bullish momentum.
However, there are risks involved. If BTC fails to overcome the $70,000 resistance and retreats below the $66,500 mark, the market may enter a sideways consolidation phase or worse, a correction towards lower demand levels. This scenario could curb the current bullish sentiment and increase traders’ uncertainty.
In short, the next few 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 may result in a challenging period of price stagnation or a downward correction. Investors are watching these price levels closely to assess the future direction of BTC.
Featured image of Dall-E, TradingView chart
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