Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze

With Bitcoin (BTC) hitting a near three-month high of $66,000 on Friday, technical analyst InspoCrypto suggests that the BTC futures market is at a critical juncture, with the potential for further short squeezes and the importance of maintaining support around the $64,000 level. Divergence Despite BTC Uptrend The analyst recently noted in his writing that the latest data shows that the BTC/USDT price chart hit a Friday high of $66,106, reflecting bullish sentiment as the cryptocurrency continues to climb.  Over the past 24 hours, Bitcoin has seen a steady price increase, indicating optimism among investors. The True Strength Index (TSI) shows a slight divergence, indicating indecision in the market, but the upward trend remains intact. Related Reading: Solana Price (SOL) Pushes Higher: Surge Shows No Signs of Slowing Trading volume also plays a key role in understanding market dynamics, and current figures show a volume delta of $675.457 million, indicating a higher volume of buy orders than sell orders. This suggests buyers are currently dominating the market, supporting the bullish momentum. Notably, there has been a significant amount of short liquidations, totaling $331.24 million. This indicates that as Bitcoin’s price rises, many short positions are forced to close, further driving the price upward. In contrast, long liquidations remain comparatively low, suggesting that those holding long positions are confident in the markets direction. InspoCrypto’s heatmap analysis of Hyblock Capital shows a concentration of short liquidation levels around the $63,000 to $64,000 area. This clustering indicates a likely short squeeze that could push prices even higher.  However, the analyst shows that long liquidation levels appear more scattered, presenting a lower risk of cascading liquidations on the long side. Analyst Predicts Further Bitcoin Price Surge InspoCrypto further found that open interest (OI) in Bitcoin futures is rising, indicating increased interest in the market and a potential buildup for significant price movements.  The heatmap shows strong concentrations of open interest around the $64,000 to $65,000 range, suggesting that any price movement beyond these levels could trigger volatility as traders adjust their positions. The funding ratio currently stands at 763.8, indicating that the longs are paying off the shorts, adding to the bullish sentiment in the market. However, the analyst warns that a high funding ratio also signals a risk of long liquidation if the market unexpectedly shifts. Related Reading: XRP Struggles Below $0.60 Metrics Reveal Growing Selling Pressure Looking ahead, InspoCrypto anticipates that the next 24 hours could see continued upward momentum as shorts are squeezed. However, the elevated funding rates could lead to long liquidations if the market is downturned.  By the end of the week, InspoCrypto believes that if the current buying pressure continues, the Bitcoin price could reach prices around $68,000, inching closer to its all-time high of $73,700 in March this year. At the time of writing, BTC has seen a slight retracement to its current trading price of $65,800.  Featured image from DALL-E, chart from TradingView.com

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Bitcoin Price Forecast: Q4 Outlook Indicates Parabolic Move Toward $120,000

For the past five days, the Bitcoin price has remained locked in a narrow range between $62,000 and $64,000, following a surge of bullish sentiment triggered by the US Federal Reserves (Fed) decision to cut interest rates on September 18.  This pivotal move by the Fed has sparked optimism among investors. Yet, Bitcoin has struggled to consolidate above the critical $64,000 level, which, if surpassed, could pave the way for a retest of previously lost resistance levels, potentially targeting $70,000 in the near term. Bitcoin Price Set To Reach New All-Time Highs? Despite this short-term stagnation, several analysts maintain an optimistic outlook for the Bitcoin price as the market approaches the fourth quarter (Q4) of the year. Market expert Lark Davis, for example, recently highlighted the historical trends that suggest the average return for Bitcoin during Q4 is a notable 88%.  Davis suggested that if the Bitcoin price were to replicate this performance, it could soar to nearly $120,000. Even a more conservative estimate of a 55% gain – similar to last year’s performance – would take the price to $100,000. Related Reading: Dogecoin Parabolic Rally To Trigger 5,500% Surge To $6, Heres When In addition, the expert points out that this year offers unique catalysts that could drive significant price movements, including the launch of the Bitcoin exchange-traded fund (ETF) market, the upcoming US elections, and the expected $16 billion in cash repayments from the collapsed FTX exchange.  However, when analyzing the current state of the Bitcoin market, there are signs that current price movements are being artificially constrained. Analysts Warns Of Final Dip Before Further Price Gains Analyst InspoCrypto has noted that the price action has been persistently hovering around $63,000, with breakout attempts being blocked. A significant institutional options trader has reportedly executed a block trade that appears designed to keep Bitcoins price stable until October 4.  InspoCrypto further explains that the Spot Cumulative Volume Delta (CVD) indicates a pattern of distribution even as prices rise, while the Futures CVD shows a divergence, suggesting that recent price increases have been primarily driven by futures trading.  The Whales vs. Retail Ratio analysis from Hyblock supports this view, revealing that while whales are accumulating short positions, retail investors are predominantly betting on long positionscreating a potentially unfavorable scenario for the latter group. Yet, InspoCrypto believes that the market will see one final dip before reaching new all-time highs (ATHs) of $80,000 or even $85,000 for the largest cryptocurrency on the market. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Adding to the technical analysis, analyst Ali Martinez points out that Bitcoin is currently testing its 200-day Simple Moving Average (SMA) at the $64,000 mark, which is acting as a short-term resistance level. A breakout above this key level could signal a significant bullish trend, according to Martinez. Looking further ahead, if the Bitcoin Long-Term Power Law holds true, Martinez believes the next market top could reach around $400,000, with predictions for this peak to occur by October of next year. Overall, while Bitcoin faces short-term challenges, the consensus among analysts is that the cryptocurrency is poised for new all-time highs in Q4 and into 2025, despite the current state of the market and BTC’s inability to overcome short-term hurdles.  At the time of writing, BTC is trading at $63,160, little changed from Monday’s price, and up 0.7% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com

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Bitcoin Peaks At Highest Value In 2 Months Above $65,000: Bull Run Predictions

For the first time in nearly two months, Bitcoin (BTC) has surpassed the $65,000 mark, marking a significant recovery following two notable downturns in August and September. During these crashes, Bitcoin experienced a steep decline of 20% on two separate occasions, specifically on August 5 and September 6.  However, as October approachesa month often associated with a bullish resurgence for Bitcoinmarket predictions are increasingly optimistic, suggesting that the cryptocurrency might be gearing up for another major uptrend. Could Bitcoin Reach $79,000 In October? On Thursday, Bitcoin recorded a 3% increase within a 24-hour period, reaching a price of $65,500. This upward movement has sparked discussions among analysts about whether this signals the start of a parabolic bull run. Related Reading: BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion  Crypto investor Scott Melker expressed this sentiment, emphasizing that Bitcoin is currently attempting to establish its first higher high since peaking at $74,000 in March of this year.  Melker noted that closing above $65,000 would confirm a new upward trend, transitioning from the lows of $50,000 observed in August. This patterna low, high, higher low, and higher highsuggests a bullish market structure replacing the previous bearish trends. Historically, October has been a strong month for Bitcoin, with analysts like Lark Davis pointing out that the average return during this month is approximately 22.90%.  If Bitcoin were to experience a similar increase this year, it could potentially rise to around $79,000, surpassing its previous all-time high and overcoming key resistance levels. Such a move would set the stage for a powerful rally into November according to Davis analysis. Record-Breaking Performance In September In a further analysis, Rekt Capital provided insights into Bitcoin’s recent performance. He noted that September, often viewed negatively, turned out to be the best September for Bitcoin on record, with a 9% increase.  Rekt also highlighted historical patterns related to Bitcoins Halving cycles, indicating that Bitcoin typically breaks out from its re-accumulation range approximately 154 to 163 days post-Halving.  Currently, Bitcoin is 159 days past its last Halving that took place in April of this year. Based on previous cycles, Rekt believes that this timing suggests that a breakout could be imminent, reinforcing the idea that Bitcoin is well-positioned for significant gains in the near future. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? The current resurgence can be attributed to the US Federal Reserve’s (Fed’s) dovish stance and recent 0.50% basis point (bps) interest rate cut on September 18, which was seen as a notable bullish catalyst not only for BTC but also for the broader market, which has followed Bitcoin’s performance to the upside in recent days.  In addition, last week saw a resumption of inflows into the Bitcoin ETF market, following steady outflows throughout August and early September. For instance, US spot Bitcoin ETFs had a total net inflow of $106 million on Wednesday, continuing their net inflows for 5 consecutive days. BlackRock’s IBIT ETF had an inflow of $184 million. Overall, there seems to be a combination of bullish catalysts in place for the market’s largest cryptocurrency to continue its recovery, with massive gains expected in the last half of the year and early 2025.  Featured image from DALL-E, chart from TradingView.com

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Bitcoin Jumps 22% Post-Fed Rate Cut, Yet Key Resistance Sparks Crash Fears Bitfinex

Bitcoin (BTC), the world’s largest cryptocurrency, has rallied over 22% in the past two weeks to trade at around $63,200, following a significant drop to $52,000 on September 6. This is the highest level BTC has reached in almost two months. Critical Resistance At $65,200 Looms According to a recent report from digital asset trading [...]

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Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?

As the broader cryptocurrency market experiences notable gains following the Federal Reserve’s rate cuts, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market. Divergence In Trader Strategies [...]

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Bitcoin Ends August Down 8%: What To Expect From Historically Bearish September

The Bitcoin (BTC) price performance in August resulted in losses of 8.6% for the largest cryptocurrency, exacerbating the bearish sentiment in the market since reaching all-time highs of $73,7000 in March of this year. Since then, BTC has been unable to consolidate above key levels.  However, this may not be the end of the bearish momentum, as a recent analysis from research firm CryptoQuant suggests that the bearish trend will continue into September. Challenging September For Bitcoin According to CryptoQuant, the September outlook appears similarly challenging for BTC. Their recent analysis highlights that August’s performance, marked by the so-called “BOJ (Bank of Japan) crash” in early August that sent the token to a six-month low of $49,000, has left BTC unable to recover above the $65,000 mark since then.  Related Reading: Solana Price (SOL) Turns Red: Key Supports That May Spark a Bullish Upside? In addition, historical data suggests that September is typically a bearish month for Bitcoin, with six of the last seven Septembers closing in the red, averaging a loss of around 4.5%. The firm believes that if this trend continues, the BTC price could fall to around $55,000 by the end of the month. Despite the bearish outlook, CryptoQuant believes the situation may not be as dire as it seems. They anticipate that Bitcoin will find strong support around the $54,000 level, a price point it successfully bounced from in July before surging towards $70,000.  Long-Term Confidence Indicator In the coming days, the firm warned to watch this week’s economic data, particularly the Unemployment Claims report on September 5th and the Non-Farm Payroll (NFP) data on September 6th.  However, CryptoQuant suggests that there are tempered expectations regarding the impact of these macroeconomic metrics on cryptocurrency prices, noting that their influence has diminished in recent weeks. Related Reading: XRP Price Struggles: Can It Break Free from the Downtrend? Moreover, the volatility curve for Bitcoin is expected to steepen as shorter-term volatility decreases. Interestingly, there is evidence of ongoing bullish sentiment in the medium term despite the recent retracements, as traders roll out long call options for both Bitcoin and Ethereum (ETH).  For instance, a notable purchase of a 200x call option for Bitcoin, expiring in March 2025 with a strike price of $120,000, has increased its open interest to 2,100 contracts. This indicates that, despite current market conditions, there remains a strong belief among some investors that Bitcoin will appreciate in value over the longer term. When writing, the largest cryptocurrency on the market is trading at $58,400, down 0.2% over the past 24 hours and 5.5% over the past 30 days. Despite these ongoing price corrections, CoinGecko data shows that BTC is still up 126% since the beginning of the year, making it one of the best-performing tokens.   Featured image from DALL-E, chart from TradingView.com

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Massive Bitcoin Rally Predicted For Next 6 Months After Fed Rate Cut

As the crypto community awaits the Federal Reserve’s (Fed) rate cut announcement on September 18, the stakes are high for Bitcoin (BTC) and the broader financial landscape. This upcoming decision marks the first central bank rate cut since the Fed slashed its key rate to near zero in March 2020 amid the COVID-19 pandemic.  Will A [...]

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Bitcoin Alert: Analyst Predicts New Blood Monday With 0.50% Fed Rate Cut Looming

As Bitcoin (BTC) grapples with a challenging market environment, it has struggled to regain momentum, hovering around the $53,000 and $60,000 levels for six consecutive weeks.  After losing the crucial $70,000 threshold on August 1, the largest cryptocurrency remains at risk of further declines, particularly with the upcoming Federal Reserve (Fed) meeting on September 18, [...]

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Bitcoin 'ticking time bomb' setup targets $150K by 2025

Bitcoin price technical setups, including a "cup and handle" pattern, suggest an explosive move to $100,000-$150,000 over the coming months. 

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Bitcoin Price Forecast: Trump Win Could Boost BTC To $125,000, Standard Chartered

Geoff Kendrick, the Head of Crypto Research at Standard Chartered Bank, has put forth bullish predictions regarding the Bitcoin price trajectory in the event of the 2024 US presidential election.  Bitcoin Price Predictions Soar According to a CNBC report, Kendrick posits that a potential re-election of Donald Trump could propel Bitcoin to a staggering $125,000 [...]

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Bitcoin Shakeout Ahead: Analysts Predict Final Dip Before Bull Run Resumes

The Bitcoin market has seen some consolidation since Monday, maintaining a price above the $56,000 mark after a brief drop from $65,000 to around $52,600 last Friday.  However, one analyst suggests that the bearish sentiment may still be ongoing, with expectations of a potential revisit to lower levels before a significant upward movement. BTCs Future Price Action In Focus Crypto analysts known as VirtualBacon on X (formerly Twitter) have raised concerns about an impending huge Bitcoin shakeout. In the coming 2-3 weeks, the analyst explains that Bitcoin could experience one last decline before initiating a bull run.  Panic is everywherepeople are calling for lows in the $40,000s, claiming the bull run is over, VirtualBacon noted. Yet, he argues that whether Bitcoin dips to $45,000, $48,000, or even $43,000, a bull run remains on the horizon. This period often sees a shakeout of many holders right before significant rallies. Related Reading: Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum While the current charts indicate lower highs and lower lows, suggesting a downtrend, VirtualBacon believes that a prolonged bear market appears unlikely. The primary driver of this sentiment is the anticipated liquidity injection and interest rate cuts by the Federal Reserve, conditions that typically favor a bull run, particularly looking ahead to 2025. Another crucial aspect of VirtualBacons analysis lies in Bitcoin’s key support levelthe 100-week Exponential Moving Average (EMA). This level has historically marked the end of bear markets, with Bitcoin bouncing off similar levels in 2015 and 2019.  Currently, this support level sits around $45,000, with various technical indicators, including Fibonacci retracements and high-volume nodes, suggesting strong support in the $43,000 to $49,000 range. Even if Bitcoin does dip into this range, the analyst believes it would likely be a temporary “wick” rather than a sustained drop. VirtualBacon also highlights that some traders speculate about around $50,000 to $51,000. However, this could be risky; a touch at these levels might trigger a cascading liquidation event that could push prices to $44,000. How Upcoming Fed Decisions May Fuel Bitcoin Bullish Momentum Historically, September has been a weaker month for Bitcoin. However, the upcoming monthsOctober, November, and Decembertend to show more bullish trends. VirtualBacon notes that over the last decade, eight out of ten Octobers have ended positively for Bitcoin, with November also historically strong. The backdrop of this market analysis coincides with the Federal Reserve’s upcoming Federal Open Market Committee (FOMC) meeting, where the analyst predicts a 70% chance of a 25 basis point rate cut and a 30% chance of a double cut.  VirtualBacon notes that this could initiate a 12-month liquidity injection cycle that typically boosts risk assets like BTC and propels the leading cryptocurrency above current all-time high levels of $73,700. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December Despite the prevailing fear in the market, as the Fear and Greed Index indicates, the analyst argues that this fear may be irrational, especially with the impending monetary policy shifts. As the Fed begins to cut rates, sentiment is expected to shift rapidly, potentially leading to renewed interest and investment in Bitcoin. BTC trades at $56,930 when writing, recording a slightly 0.7% gain in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

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Michael Saylor Predicts Bitcoin Will Hit $13 Million, Reveals Expected Date

Michael Saylor, co-founder and Executive Chairman of the business intelligence firm MicroStrategy and a well-known Bitcoin advocate, recently reiterated his bullish stance on the leading cryptocurrency during an exclusive interview with CNBC on Monday. Saylor’s Bitcoin Price Forecast Saylor, recognized for steering his company towards significant BTC investments to capitalize on its continuous growth, projected [...]

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MicroStrategys Michael Saylor Reveals Bitcoin Holdings Top $1 Billion

In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion. Saylor’s Bitcoin Vision Unshaken In a recent interview with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the [...]

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Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive Key Reasons Why

In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere.  However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market [...]

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Bitcoin Price Analysis: What Lies On The Horizon After Crashing Below $50,000

The cryptocurrency market has been rocked by a massive sell-off, with the Bitcoin price plunging 26% from its July highs above $70,000. This dramatic decline comes amid a broader crash in global financial markets, reflecting growing economic uncertainty and investor risk aversion. Crypto Winter Returns?  The crypto sphere was not spared from this turbulence, as [...]

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Bitcoin price loses $60K, but a maturing Wyckoff signal gives hope

The bullish outlook appears despite the ongoing Bitcoin sell-off, which is being led by the growing risks of a recession in the United States.

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Bullish Bitcoin News? US Federal Reserve Set To Implement Three Rate Cuts This Year

As global economic uncertainty looms, Bitcoin (BTC) has experienced increased volatility and is struggling to maintain its footing above critical resistance levels lost over the past month. The largest cryptocurrency on the market remains in a precarious position, but emerging signs could bode well for the BTC price and the broader crypto ecosystem. Feds Rate [...]

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Heres When Bitcoin Is Predicted To Break Its All-Time High If History Repeats

Following the Bitcoin price surge back to $64,000, crypto analyst Rekt Capital is predicting a major breakout move in the coming weeks. In a new video analysis, the analyst forecasts a significant market movement around October 2024, based on historical precedents and current chart patterns. Will October Be Bullish For Bitcoin Again? Looking at the weekly chart, Rekt Capital identifies a downtrending channel. Over the past four weeks, BTC has been deviating below this channel, searching for support that would enable a price expansion above the channel’s bottom. This movement has been met with a “fantastic recovery,” signaling potential for a return to the channel top at around $67,000 in the coming weeks. “The channel bottom rebound is crucial as it has historically taken price from the channel bottom to the top in approximately two weeks on average,” Rekt Capital explained. He highlighted the importance of weekly candle closes above specific levels, particularly at $67,500 and eventually at $71,500, which would mark a break from the reaccumulation range high established post-halving. Related Reading: Crypto Analyst Sounds Alarm: Heres Why Its Your Last Chance To Buy Bitcoin “The consistent pattern of bouncing from the channel bottom to the top typically spans an average of two weeks, but in the current context, we are observing a potentially elongated consolidation phase at these lower levels,” explained Rekt Capital. This observation suggests that while the rebound trajectory follows historical patterns, the consolidation at lower prices could afford investors bargain buying opportunities. Focusing on the technical thresholds, Rekt Capital emphasized the criticality of several weekly candle closes above pivotal price points. Firstly, a close above $66,000 would reconfirm the reaccumulation ranges lower boundary as a newfound support, setting the stage for further upward movement. More importantly, a decisive weekly close above $67,500 would signify a breach of the persistent lower highs trend that has dominated since March of this year. Related Reading: Bitcoin (BTC) Long-Term Holders Locking Consistent Gains: A Sign Of Stability? The weekly close above these specific levels is not merely a technical achievement but a psychological victory for market participants, indicating a weakening of sell-side pressure and a regain of bullish momentum, noted Rekt Capital. Historically, Bitcoin shows a tendency to initiate major rallies approximately 150 to 160 days following a halving event. Drawing parallels from the post-halving periods of 2016 and 2020, the analyst suggested that similar conditions are currently forming, with Bitcoin being around 133 days post the latest halving. “This cyclical observation aligns well with the current market dynamics, where Bitcoin is methodically testing and, in some cases, breaching important technical barriers,” he remarked. This comparison is not only based on temporal patterns but also on the qualitative nature of market behavior during these periods. A significant point of analysis was the 21-week EMA, a key indicator often regarded as the bull market barometer. Rekt Capital highlighted its historical significance, noting, “Deviations below the 21-week EMA in bull markets typically offer lucrative buying opportunities, as seen in the 2021 cycle. Currently, Bitcoin is oscillating around this EMA, providing mixed signals that require vigilant interpretation.” Looking ahead, the analyst projects that for Bitcoin to embark on a new parabolic phase leading to price discovery and potentially new all-time highs, it must first consolidate above the $71,500 levelrepresenting the reaccumulation range high. This level has previously acted as a formidable resistance, and a weekly close above it would likely catalyze a major bullish phase. “In the coming weeks, the market’s ability to uphold these critical supports and break through resistance levels with conviction will be paramount. This will determine the feasibility of a breakout aligning with historical patterns observed post-halving,” Rekt Capital concluded, suggesting that October could be pivotal for Bitcoin’s trajectory. At press time, BTC traded at $63,956. Featured image created with DALL.E, chart from TradingView.com

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Bitcoin Market Update: Analyst Sees 65% Chance Of Retest Before Surge To $68,000

Bitcoin (BTC) has regained significant momentum over the past week, breaking free from the $49,000 lows it reached during the broader market crash on August 5. Since the past seven days, the flagship cryptocurrency has surged over 8%, climbing above the critical $63,000 level and reaching as high as $65,000 on Sunday. This latest rally has crypto analysts optimistic about Bitcoin’s prospects for further upside, with some eyeing a potential move towards $68,000 soon. However, not all technical experts are convinced the path forward will be completely smooth sailing. Two Paths To $68,000 Bitcoin Crypto analyst Doctor Profit, who has a notable track record of accurately predicting price movements dating back to BTC’s $50,000 territory during the August 5 crash, is now targeting $68,000. A detailed report outlines that the key lies in Bitcoin’s interaction with the $63,900 line on the 6-hour chart. Related Reading: Ethereum Price Eyes Fresh Gains: Another Increase on the Horizon? According to Doctor Profit, there are two different paths for Bitcoin’s journey to $68,000. The first is for Bitcoin to maintain its position above the $63,900 level, paving the way for a quick rise to the projected $68,000 price.  The second scenario involves a temporary dip below $63,900 followed by a retest of the 50-day exponential moving average (EMA) at $61,900 before rising above $64,000 and moving towards $68,000. This latter scenario is seen as the more likely outcome, with Doctor Profit assigning a 65% probability to a retest of the $61,900 EMA support level before a push towards $68,000.  What Open Interest Heatmap Suggests Lending credence to the possibility of a short-term pullback, technical analyst Ali Martinez observes that Bitcoin appears to be trading within a parallel channel on lower time frames. Martinez suggests a break below the $63,500 support could see BTC drop as low as $62,800 before potentially bouncing. Adding another layer to the analysis, the trading platform Hyblock highlights the importance of the Open Interest (OI) Heatmap in gauging market sentiment.  The current open interest of $61,000 suggests a possible correction on the horizon, as the platform pointed out that BTC usually chases these zones, and this possibility increases after Bitcoin’s 8% surge last week.  Related Reading: Crypto Analyst Says Cardano (ADA) Is Set For 1,000% Rally To $4.29, Heres Why While this may indicate a short-term pullback, a successful retest of lower support levels could set the stage for a strong recovery and a retest of higher resistance levels, assuming demand remains consistent. At the time of writing, the largest cryptocurrency on the market is trading at $63,450, recording losses of over 1% in the 24-hour time frame after hitting the $65,000 mark late Sunday for the first time since August 1.  Featured image from DALL-E, chart from TradingView.com

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Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech

In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed, the Bitcoin price rapidly breached the $62,000 mark, a level it had not seen in over a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. According to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:  We have to wait and see if Bitcoin consolidates below $61,000 again or heads towards the lower end of the upward channel, which is right at $60,000. If that breaks, we still have a safety net at $59,500. However, if BTC stays above $61,000 and the selling pressure eases, it could be an interesting and, above all, bullish weekend. Key Indicators Flip Positive Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a daily close above $62,000, which would be needed to confirm a continuation of the recent price recovery.  However, Rekt Capital suggested that Bitcoin could form a bullish flag pattern, similar to the one seen in early March 2024, which could enable a move towards $65,000 or higher over time. Market expert Ali Martinez highlighted a positive development, noting that Bitcoin’s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.  This, Martinez suggests, could further bolster the case for continuing the price recovery witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? Looking ahead, Martinez has identified two crucial resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can maintain support at $60,365, a move toward these higher price points could be in the cards.  https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell’s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.  It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week’s price movement before the expected monthly close.

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