Check out these BTC price levels as Bitcoin hits $64k
Bitcoin needs to close above $63,00 daily to pave the way for a new all-time high, according to a recent analysis.
In his latest X analysis on September 19, prominent trader HornHairs identified some key Bitcoin (BTC) price levels for bulls to move to the next level of support.
Bitcoin traders were confident at $63,000
Bitcoin continues to rally again after the week's macroeconomic events raised concerns about the asset.
Up nearly 8% on the week, BTC/USD is now facing a critical resistance area that has kept the market stuck for months.
A big step is coming in here at $63k, HornHairs sums up, after a strong response from demand around $57k.
“If we can clear $63k and hold (at least 1D) in HTF closing basis, in HTF context, we can make a real push towards ATHs.”
BTC/USD 1-day chart. Source: HornHairs
The mid-$60,000 zone is important because it accommodates various trend lines that need to act as support. These include the overall cost basis for a set of short-term investors in Bitcoin – a level that typically accompanies every bull market.
Bitcoin onchain volume chart. Source: MS2 Capital
Next, family office MS2 Capital added that the 200-day simple moving average (SMA) now coincides with the largest on-chain volume around $64,000.
Among the charts uploaded to X includes a comprehensive list of the various high-time resistor levels.
BTC/USD resistance levels. Source: MS2 Capital
Current BTC Price Breakdown?
Meanwhile, popular trader and analyst Rect Capital shows that Bitcoin is moving in a multi-month downward channel.
RELATED: Bitcoin rally above short-term holding scale has traders making high calls for new BTC price
“Bitcoin is breaking through its lows dating back to the end of July as we speak,” he explained.
The channel itself means that $67,000 is now the key identification level.
BTC/USD 1-Week Chart. Source: Rect Capital
Meanwhile, time for that divergence is quickly running out – BTC/USD has been in what Rect Capital calls “re-accumulation territory” since it stopped the subsidy halving event in April.
“Bitcoin has historically exited the ReAccumulation Range 150-160 days after the halfway point,” he said.
“It's currently 158 days into the half.”
BTC/USD 1-Week Chart. Source: Rect Capital
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.
