Bitcoin traders eye all-time high retest, price support

Columns：Market News author：btczxw time：2024-09-20 17:08:04

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As Bitcoin traders reconsider testing all-time highs, the solidity of price support is particularly important. The latest analysis points out that Bitcoin needs to break through $63,000 on a daily basis in order to pave the way for a new all-time high.

In his analysis on September 19, well-known trader Horn Hairs identified several key price levels to help bulls turn to support levels. Bitcoin has rebounded again this week as macroeconomic events have a positive impact on risk assets, with BTC/USD rising nearly 8%. However, the key resistance level currently facing has caused the market to experience a period of hardship.

Horn Hairs emphasized that if Bitcoin can break through $63,000 and hold that level on a high time frame (at least 1 day), then we can expect to see new all-time highs. In addition, the mid-$60,000 area is also crucial because it contains the trendline required as support and is usually the cost base of the short-term investor group in every bull market.

Family office MS2 Capital further pointed out that the 200-day simple moving average coincides with the area of maximum transaction volume on the chain at about $64,000, which provides an important reference for future price trends. At the same time, well-known analyst Rekt Capital said that Bitcoin is breaking the downward trend that has been sluggish since the end of July, and pointed out that $67,000 is a key breakthrough level.

Over time, whether Bitcoin can break through this price level in time will directly affect its future development direction.

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