Bitcoin Market Structure Could Lead to New All-Time High, Says Analysts
Date: 2024-09-18 Author: Henry Casey Categories: CRYPTO PAYMENTS
Bitcoin is trading 16% above its local low of $52,546 on September 6, leading analysts to believe the reversal could be the start of a run to new all-time highs.
“Bitcoin’s local structure has turned bullish again after closing above the previous September high and making a higher low,” independent Bitcoin analyst Jelle wrote in a September 17 post on X.
Jelle was referring to Bitcoin’s recent high of $60,670 on September 13, which was higher than the $59,830 high on September 3. According to the analyst, this shows that the market is strong enough to break resistance at $65,000 and then meet a “seller jam” at the all-time high.
“A local bullish reversal looks promising,” anonymous analyst Altstein Trader added in response to Jelle’s analysis, noting that breaking through $65,000 could open the door to new all-time highs.
Meanwhile, popular crypto analyst Daan Crypto Trades noted that Bitcoin is trading near the middle boundary of a descending parallel channel at $57,902.
According to the analyst, this is an “interesting point” as a 5% gain above this level could lead to a larger jump of around 10%. A 15% gain from $57,900 would push the BTC price above $66,000.
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin made its first 5% gain since the opening bell on Wall Street on Sept. 18, rising above the $59,300–$60,738 resistance zone, where the 50-, 100-, and 200-day exponential moving averages (EMAs) currently reside. The rally led to an intraday high of $61,331 before the price retreated to $60,540 at press time.
As Cointelegraph previously reported, Bitcoin needed to turn this barrier into support to maintain its bullish momentum.
Resistance at $60,000 has become a key obstacle for Bitcoin to rise, as confirmed by data from IntoTheBlock. The In/Out of the Money Around Price (IOMAP) pattern shows that Bitcoin faces fairly strong resistance at this level.
The $60,000 barrier is in the $60,465–$62,278 range, where about 1.53 million addresses have previously bought about 604,760 BTC.
Additional data from CoinGlass shows significant sell orders around this level, adding to its importance for bears.
The liquidations map shows that there are about $40.13 million sell orders concentrated at the $60,000 level, adding rigidity to this resistance level.
Meanwhile, analyst Kyledoop shared data from CryptoQuant indicating an increase in the Futures Sentiment Index since the beginning of the year.
According to CryptoQuant, an increase in this metric often precedes significant price moves.
“With an 89% historical correlation to price increases across four cycles, #Bitcoin looks poised for potential upside.”
