Bitcoin’s ‘Local Market Structure’ Could Push BTC Price to New All-Time High – Analysts

The price of Bitcoin (BTC) is trading 16% above the domestic low of $52,546 reached on September 6, which analysts believe could be the start of a new all-time high.

“Bitcoin's local structure has turned bullish here after closing higher from last September's high and locking in a higher low,” independent bitcoin analyst Jelle wrote in a September 17 post on X.

Jelle was citing a September 13 high of $60,670 for bitcoin, which was higher than the September 3 high of $59,830. According to the analyst, this position shows that the market is strong enough to overcome the resistance at $65,000 and later to withstand the congestion of suppliers.

“Looks ripe for $65,000 breakout — and then a new all-time high” BTC/USD 12-hour chart. Source: Jale

“The bullish reversal in the area looks promising,” said Altstein Trader, a crypto analyst, in a response to Jelle's analysis, adding that a breach of the $65,000 mark could lead to a new all-time high.

Meanwhile, prominent crypto analyst Daan CryptoTrades has observed Bitcoin trading near the center border of a descending parallel channel at $57,902.

According to the analyst, this was an “exciting position” as a 5% move above this level would pave the way for a “big move” of around 10%. A 15% move from $57,900 puts the BTC price above $66,000.

According to data from Cointelegraph Markets Pro and TradingView, Bitcoin made its first 5% gain since the September 18 Wall Street open, rising from $59,300 to the $60,738 supplier congestion zone, the 50-day, 100-day and 200-day exponential movements. Moving Averages (EMAs) are currently set. This move saw the BTC price set an intraday high of $61,331 before recovering to $60,540 at the time of publication.

As Cointelegraph previously reported, Bitcoin needed to turn this barrier into support to maintain its bullish momentum.

Related: Bitcoin trader says it's still ‘too early' to call BTC price down

A supply glut has hit key Bitcoin price resistance at $60,000, according to data from IntoTheBlock. The in/out of the money around price (IOMAP) indicates that Bitcoin faces relatively strong resistance around this level.

The barrier at $60,000 is close to the price range of $60,465 and $62,278, with approximately 604,760 BTC bought by approximately 1.53 million addresses.

Additional data from CoinGlass shows massive ask orders building around this level, reinforcing its importance to the bears.

The liquid heat map above shows that there are around $40.13 million of ask orders sitting around $60,000, adding strength to the upside resistance.

Meanwhile, Kyledoop shared data from CryptoQuant showing an increase in the Futures Sentiment Index since the beginning of the year.

According to CryptoQuant, increases in this measure usually precede price increases.

“At 89% historical correlation over four cycles with price jumps, #Bitcoin looks poised for growth.”

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.