Bitcoin holds above $68,000 but has yet to break the critical $69,000 level. After weeks of bullish price action, the market is looking for confirmation of a breakout of a seven-month accumulation pattern that has built significant momentum.
Leading analyst Daan recently shared his insights, stating that this breakthrough is now a reality, sparking optimism among investors.
As Bitcoin continues to rise, many are anticipating a small pullback, followed by a strong surge that could pave the way to challenge the all-time high around $73,000. An important level to watch remains $69,000, and if BTC can maintain its strength above this price, a surge to new highs seems increasingly likely.
With the market filled with optimism and the accumulation phase over, investors are keeping a close eye on the upcoming move, expecting the next big rally to be around the corner.
Bitcoin Weekly Close Is Coming Soon
Bitcoin nearly closed the week above $68,000, marking its highest weekly close since late July. The market remains bullish, with optimism fueling new targets for the leading cryptocurrency in the coming weeks.
Prominent analyst and investor Daan recently shared his technical analysis on X, stating that Bitcoin’s breakout from its previous price channel has been confirmed. “The breakout looks strong after several daily closes above, and the weekly close will likely confirm it as well,” Daan said.
As BTC continues to hold ground, investors are bracing for potential volatility in the weeks ahead, especially with the upcoming election adding an element of uncertainty to the market. Despite this, Daan remains confident, highlighting that Bitcoin’s current charts look promising, even with the possibility of near-term volatility.
The next two weeks will be critical to determining Bitcoin’s strength and speed as it approaches its new price target. A sustained close above $68,000 would strengthen the bullish outlook, and many investors are looking forward to seeing if Bitcoin can surpass the $70,000 level and potentially challenge its all-time high.
The entire market is watching closely as Bitcoin continues to build momentum for its next rally.
BTC Technical Levels
Bitcoin is currently trading at $68,200 after a significant surge of 9% since Monday. The weekly chart shows a bullish structure, and to strengthen this bullish outlook, BTC must surpass the critical level of $70,000.
Such a breakout would likely trigger significant fear of missing out (FOMO) among investors looking to enter the market. If the price manages to break above $70,000, the next target would be the all-time high around $73,000, signaling strong upside momentum.
However, there are risks involved. If BTC fails to break the $70,000 resistance and retraces below the $66,500 mark, the market may enter a sideways consolidation phase or, worse, a correction to lower demand levels. This scenario could dampen the current bullish sentiment and increase traders’ uncertainty.
In short, the coming days are very important for Bitcoin. A decisive move above $70,000 could pave the way for a rally towards all-time highs, while failure to do so could result in a challenging period of price stagnation or a downward correction. Investors are closely watching these price levels to gauge BTC’s future direction.
Featured image from Dall-E, chart from TradingView
