Bitcoin

Rekt (rektarb.xyz)

Rekt

Bitcoin needs a daily close above $63,00 to open up the road to new all-time highs, the latest analysis says.
In his latest X <a data-ct-non-breakable="null" href="https://x.com/CryptoHornHairs/status/1836569881463902322" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/CryptoHornHairs/status/1836569881463902322">analysis</a> on Sept. 19, popular trader HornHairs defined some key Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price levels for bulls to flip into support next.
<h2 id="br-bitcoin-traders-put-faith-in-63-000"> Bitcoin traders put faith in $63,000</h2>
Bitcoin continues to rebound after the week’s macroeconomic events delivered a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bulls-target-64k-btc-price-us-stocks-new-record" rel="null" target="null" text="null" title="null">boost to </a>risk assets.
Up nearly 8% over the week, BTC/USD now faces a crucial area of resistance, which has kept the market pinned for months.
“Massive level coming up here at $63k after a very strong reaction off the demand in the $57k area,” HornHairs summarized.
<blockquote>
 “If we can clear $63k and hold above it on a HTF closing basis (at least the 1D) then, considering HTF context, we could make a real push towards ATHs.”
</blockquote>
<figure>
 <img alt="Watch these BTC price levels as Bitcoin taps $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920e2e-69b5-7843-be76-1375f2ee4ba2">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: HornHairs
 </figcaption>
</figure>
The mid-$60,000 zone is significant because it hosts various trend lines required to function as support. These include the&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-speculators-repeat-2021-de-risking-exposure-drops-21-6-k-btc" rel="null" target="null" text="null" title="null">aggregate cost basis</a>&nbsp;for Bitcoin’s short-term investor cohorts — a level that traditionally accompanies every bull market.&nbsp;
<figure>
 <img alt="Watch these BTC price levels as Bitcoin taps $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920e2f-2981-7066-8f43-b9a0037f4425">
 <figcaption style="text-align: center;">
 Bitcoin onchain volume chart. Source: MS2 Capital
 </figcaption>
</figure>
Continuing, family office MS2 Capital added that the 200-day simple moving average (SMA) now coincides with the largest onchain volume area of around $64,000.
Among charts <a data-ct-non-breakable="null" href="https://x.com/ms2capital/status/1836766090627604962" rel="null" target="null" text="null" title="null">uploaded</a> to X included a comprehensive breakdown of various high-timeframe resistance levels.
<figure>
 <img alt="Watch these BTC price levels as Bitcoin taps $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920e2e-f603-7a09-a4f1-261382d41e33">
 <figcaption style="text-align: center;">
 BTC/USD resistance levels. Source: MS2 Capital
 </figcaption>
</figure>
<h2 id="a-timely-btc-price-breakout">A timely BTC price breakout?</h2>
Meanwhile, popular trader and analyst Rekt Capital shows that Bitcoin is already making headway within its multimonth downward channel.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-rally-above-short-term-holder-metric-has-traders-calling-for-new-btc-price-highs" rel="null" target="null" text="null" title="null">Bitcoin rally above short-term holder metric has traders calling for new BTC price highs</a>
“Bitcoin is breaking the Lower High downtrend dating to late July as we speak,” he <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1836762068327825788" rel="null" target="null" text="null" title="null">revealed</a>.
The channel itself means that $67,000 is now a key breakout level.
<figure>
 <img alt="Watch these BTC price levels as Bitcoin taps $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920e30-8834-7293-bcd2-45a7a1f36788">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital
 </figcaption>
</figure>
Time for that breakout, meanwhile, is fast running out — BTC/USD has been in what Rekt Capital calls a “reaccumulation range” since its block subsidy halving event in April.
“Bitcoin has historically broken out from its ReAccumulation Range 150-160 days after the Halving,” he noted.
<blockquote>
 “It is currently ~158 days after the Halving.”
</blockquote>
<figure>
 <img alt="Watch these BTC price levels as Bitcoin taps $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920e30-5c4a-793e-a2b6-374d52dcf196">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Watch these BTC price levels as Bitcoin taps $64K

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