Breaking the $65,000 resistance will the bull run here?
The Bitcoin market experienced a strong upward trend on September 7th. Yesterday, it helped the market break above the critical $65,000 range. Now the price of BTC is 65 254 dollars. Can we confirm that a new bull run has begun? Cryptocurrency expert Miles Deutscher has something to share about this new Bitcoin breakthrough.
Bitcoin Market Analysis: What Does the $65,000 Level Mean?
At the beginning of this month, the price of Bitcoin was around $57,326. In the first days of the month, the market was mostly in a bearish mood. Between September 3 and 6, the market fell sharply from $59,123 to $53,985 – the worst reported for the month. As mentioned earlier, the situation changed on September 7, when buyers controlled the market. Since then, the market has rallied, albeit with a few bumps in between, most notably between September 14 and September 16, when the price briefly dropped from $60,443 to $58,253.
Deutscher's post highlights that the decisive recent breakout of $65,000 helped the BTC market create new highs. High-height is very important, because it generally indicates a feeling of bullying.
Can BTC's growth be confirmed?
Deutscher suggests taking a cautious approach. It seems he doesn't want investors to make hasty decisions. It is clear that he intends to assess whether the $65,000 level can hold the market. If the weekly chart of the Bitcoin market shows that the price will hold the level, then we can confirm that a new strong uptrend has indeed begun.
Looking at the weekly chart, the Bitcoin market looks extremely bullish, with three consecutive silver candles. The only week this month that the market showed a bearish candle was the first week when the price closed at a low of $54,855. In the second week, the price showed a significant increase from $54,912 to $59,123. In its third week, it reached a high of $63,588. This week the market is expected to follow the pattern of the second and third weeks.
In conclusion, the $65,000 level is very critical for the Bitcoin market. If the price of BTC holds this level, it can be considered as a confirmation of a new improvement. According to Docher's post, we only have to wait a few days to find out if the price of Bitcoin can hold its level.
Also read: Why is the Crypto Market Rising Today? Major Whale Movement $2.38T Market Rally;
