Bitcoin price is trading 16% above the local low of $52,546 reached on Sept. 6, leading analysts to believe that this reversal could be the start of a path to new all-time highs.
“Bitcoin’s Local structure turned back to bullish here, after closing higher than the previous September high, and locking in a higher low as well,” independent Bitcoin analyst Jelle said in a Sept. 17 post on X.
Jelle was referring to Bitcoin’s recent high at $60,670 set on Sept. 13, which was higher than the Sept. 3 high of $59,830. According to the analyst, this setup suggests that the market is strong enough to overcome the resistance at $65,000 and later confront supplier congestion at all-time high.
“Looks ripe to take out $65,000 — and then new all-time highs.”BTC/USD 12-hour chart. Source: Jelle
“The local bullish shift looks promising,” pseudonymous analyst Altstein Trader wrote in response to Jelle’s analysis, adding that breaching the” $65,000 mark could set the stage for new all-time highs.”
Meanwhile, popular crypto analyst Daan Crypto Trades spotted Bitcoin trading close to the middle boundary of a descending parallel channel at $57,902.
According to the analyst, this was an “interesting spot” as a 5% move above this level would pave the way for a “bigger move” of about 10% higher. A 15% move from $57,900 places BTC price above $66,000.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin made the first 5% gain after the Wall Street open on Sept. 18 rising above the $59,300 to $60,738 supplier congestion zone, where the 50-day,100-day and 200-day exponential moving averages (EMAs) currently sit. This move saw BTC price set an intraday high at $61,331 before before pulling back to $60,540 at the time of publication.
As Cointelegraph reported earlier, Bitcoin needed to flip this barrier into support to sustain its bullish momentum.
Supplier congestion at $60,000 has become a key Bitcoin price resistance hurdle, as evidenced by data from IntoTheBlock. Its in/out of the money around price (IOMAP) model shows that Bitcoin faces relatively stiff resistance around this level.
The barrier at $60,000 lies close to the $60,465 and $62,278 price range, where approximately 604,760 BTC were previously bought by approximately 1.53 million addresses.
Additional data from CoinGlass reveals massive ask orders building up around this level, reinforcing its significance to bears.
The liquidation heat map above shows that around $40.13 million in ask orders are sitting around the $60,000 level, adding to the stiffness of the resistance on the upside.
Meanwhile, Kyledoop shared data from CryptoQuant, revealing a rise in the futures sentiment index since the beginning of the year.
According to CryptoQuant, an increase in this metric often precedes significant price surges.
“With an 89% historical correlation to price jumps across four cycles, #Bitcoin looks poised for potential growth.”
