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Bulls Regain Momentum as Bitcoin Reclaims $58K – Is $68K Next?

Andras Crow-Hreidar by Andras Crow-Hreidar
September 12, 2024
in Crypto, News
Reading Time: 2 mins read
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Bulls Regain Momentum as Bitcoin Reclaims $58K – Is $68K Next?
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The latest Consumer Price Index (CPI) inflation data, released recently, came in at 2.5% year-over-year—very close to expectations. Although some analysts forecasted a slightly higher rate of 2.6%, the actual figure did not lead to any significant market movements.

Bitcoin Technical Analysis

Moving on to Bitcoin’s technical analysis, analyst Josh from Crypto World noted that Bitcoin has maintained its position above support levels but remains below key resistance thresholds. While the larger bearish trend still holds, there is a noticeable build-up of shorter-term bullish momentum.

blockdag 70m

Important Resistance And Support Levels

Bitcoin’s major support sits around $52,500, with resistance near $68,000. In the 2-day timeframe, Bitcoin continues to hover between these levels, showing no significant changes. Recently, Bitcoin broke above the $56,000-$57,000 range and successfully retested this area.

Despite a brief dip below $56,000, Bitcoin has closed above it on the daily timeframe, indicating that this zone is now acting as support. As long as Bitcoin stays above this level, the short-term trend remains bullish, even though the longer-term trend is still bearish.

If Bitcoin holds above this support, the next resistance levels to watch are around $59,500, $60,000-$61,000, and $64,500. Conversely, if Bitcoin were to break back below $56,000 and close below this level on the daily chart, the short-term bullish trend could be invalidated, flipping the market more bearish again.

Bears Waiting For An Opportunity?

A similar situation recently caused a small pullback before Bitcoin bounced back. For this new bearish signal to be confirmed, a couple of red candles need to be observed. If this scenario unfolds, it could indicate a short-term break in the current bullish trend.

Josh pointed out that Bitcoin recently cleared a significant liquidity level near $58,200, but there isn’t much liquidity left to target right now. Additionally, many traders remain bearish and are shorting the market, as evidenced by negative funding rates. If Bitcoin continues to rise, this could trigger a short squeeze, forcing those traders to buy back into the market.

Read Also: Three Important Factors Weighing Heavily on Bitcoin Price

Understanding the various factors influencing Bitcoin’s price is crucial for any investor. Keep an eye on the latest market trends and analyst insights to make informed decisions.

Tags: BitcoinCrypto newsPrice Analysis
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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