Bitcoin (BTC), the largest cryptocurrency by market capitalization, broke above the $64K benchmark in the early hours of Monday as it speedily approached a test of the emotionally important 200-day moving average.
According to newsOcrypt, a well-known market analyst, Bitcoin must overcome the $64K resistance level as a signal that the bull market is officially back.
Bitcoin Soar Above The $64K Level, Are We Looking At $70k At The End Of The Week?
The Federal Reserve-fueled euphoria that helped pump stocks and digital assets to new record highs some days ago has faded off, but it seems that Bitcoin (BTC) is facing a critical resistance level of $64K.
According to Tradingview, the price of Bitcoin rose to about $64,800 early Monday morning before dropping to about $63,800 just 2 hours later. This shows that the largest crypto is facing a strong resistance at $64K.
According to market analysts, $64,000 is Bitcoin’s key resistance level. Bitcoin must overcome this level to signal a bullish move in the crypto market.
A daily close above $64,000 could help Bitcoin regain momentum and make a bullish run toward its previous record highs.
Bitcoin Facing Resistance At $64K
Bitcoin’s key resistance lies at $64,000, the next hurdle that has been the Bitcoin range-bound for weeks. If Bitcoin could break out of this hurdle and hold above this resistance level on high time frames (HTF), that could be the start of a major price surge for the cryptocurrency, potentially pushing its price toward the mid-$60,000 range and even beyond.
Currently, September has been a positive month for BTC, with its price climbing about 8% since the beginning of the month.
If Bitcoin manages to maintain its gains this month, then there is optimism that the remaining months of the year will be positive as well.
According to popular analyst HornHairs, “If Bitcoin can clear $64K and hold it,… we could expect a move toward new all-time highs (ATH).”
MS2 Capital also emphasized the significance of the $64K mark, where the 200d SMA converges with high on-chain volume.
This critical level is key to Bitcoin’s short-term investors because it marks a strong support level, which is linked to the continuation of the bull market.
The Price Of Bitcoin Is Going As Predicted
Early this month, Arthur Hayes predicted that the price of Bitcoin could dive deeper towards $50,000 in September before a price rally towards the end of September.
This is exactly what has happened to the Bitcoin market. Shortly after the prediction, the price of Bitcoin fell below $55K. Currently, the price has risen to close to $64K, which signals a price rally.
At press time, Bitcoin was trading at $63,860, a decrease of about 1.6% on the 24-hour chart. Reclaiming $64,000 is a great sign for Bitcoin. However, let’s see if the lead token will touch $70,000 by the end of this week – fingers crossed!
