Bitcoin at ‘tipping point’, $60k not out of the picture – analyst
Bitcoin (BTC) is at a critical juncture. As BTC price crosses $66,000, some traders are optimistic about an imminent rally, while others are not ruling out a return to $60,000.
The speculation comes after bitcoin surpassed $65,000 on September 26 for the first time since August 2.
Kraken analysts made the following comments in a note seen by Cointelegraph.
“Recent price action has been relatively tight, reflecting market volatility, as evidenced by a series of small doji candles on the daily chart.”
Closing over $65k daily is crucial for bulls.
The analysts explained that a daily close above $65,000 would “confirm bullish momentum and pave the way to higher levels.”
Meanwhile, amid a surge in price above $66,000, Bitcoin open interest has surged roughly 3.5% over the past seven days since September 20, according to CoinGlass data, to $35.61 billion at the time of publication.
However, Kraken analysts warned that if Bitcoin fails to “decisively break” above $65,000, $60,000 could be the first important support level at risk.
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BTC/USD is “at critical levels, and traders should closely monitor price action around these key levels to confirm further directional movement,” they argued.
Meanwhile, crypto analyst Matthew Hyland explained in a September 26 video.
“This is the first time that this trend, this low trend that we've been in for a long time, is starting to change.”
When the price exceeds $65,000, interest on the Bitcoin ETF increases
Echoing a similar sentiment, eponymous crypto trader Rect Capital added that Bitcoin is on the verge of moving into the next phase of the market cycle, a “parabolic upside phase.”
On September 27, Cointelegraph reported that the total revenue of 11 Bitcoin exchanges in the United States reached $365.7 million on September 26.
It was the largest ETF outflow since July 22, with $486 million inflows. A 6th consecutive trading day was also recorded for institutional investment products.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
