Bitcoin is holding steady above $68,000, but has yet to break the critical $69,000 level. After weeks of bullish price action, the market is closely watching for confirmation of a breakout from the seven-month accumulation pattern that has built significant momentum.
Top analyst Daan recently shared his insights and stated that this outbreak is now a reality, fueling optimism among investors.
As Bitcoin continues its climb, many expect 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 buzzing with optimism and the accumulation phase over, investors are keeping a close eye on the coming moves, expecting the next big rally to take shape soon.
Bitcoin Weekly Close is coming soon
Bitcoin is poised to end the week above $68,000, marking its highest weekly close since late July. The market remains bullish, with optimism fueling new targets for the leading cryptocurrency in the coming weeks.
Top analyst and investor Daan recently shared his technical analysis on Xdeclaring that Bitcoin’s breakout from its previous price channel has been confirmed. “The outbreak looks strong after these few daily closures above, and the weekly closure will likely confirm this as well,” Daan noted.
As BTC continues to hold its ground, investors are preparing for potential volatility in the coming weeks, especially with the upcoming elections adding an element of uncertainty to the market. Despite this, Daan remains confident and emphasizes that the current chart for Bitcoin looks promising, even with the possibility of some short-term turbulence.
The next two weeks will be critical in determining Bitcoin’s strength and pace as it approaches new price targets. A sustained close above $68,000 would strengthen the bullish outlook, and many investors are eagerly awaiting to see whether Bitcoin can push past the $70,000 level and potentially challenge its all-time highs.
The entire market is watching closely as Bitcoin continues to build momentum for the next leg of its rally.
BTC technical levels
Bitcoin is currently trading at $68,200, after a notable 9% increase since Monday. The weekly chart shows a bullish structure, and to consolidate this bullish outlook, BTC needs to break above the critical $70,000 level.
Such a breakout would likely lead to 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 upside momentum.
However, there are risks involved. If BTC fails to break the USD 70,000 resistance and return below the USD 66,500 mark, the market could enter a sideways consolidation phase or worse, a correction at lower demand levels. This scenario could dampen the current bullish sentiment and increase uncertainty among traders.
In summary, the next few days are crucial for Bitcoin. A decisive move above $70,000 could pave the way for a rally to record highs, while failure to do so could result in a challenging period of price stagnation or a downward correction. Investors closely monitor these price levels to gauge the future direction of BTC.
Featured image of Dall-E, chart from TradingView