Bitcoin's Recent Price Action Signals Bullish Momentum
Bitcoin (BTC) 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. The recent high at $60,670 set on Sept. 13 was higher than the previous September high, suggesting the market is strong enough to overcome resistance at $65,000 and confront supplier congestion at all-time high levels.
Analysts Cite Bullish Local Market Structure
According to independent Bitcoin analyst Jelle, Bitcoin's "Local structure turned back to bullish" after closing higher than the previous September high and locking in a higher low. This setup suggests the market is poised to push BTC price to new all-time highs.
Key Resistance Levels to Watch
Supplier congestion at $60,000 has become a key Bitcoin price resistance hurdle, with the barrier at $60,000 lying close to the $60,465 and $62,278 price range, where approximately 604,760 BTC were previously bought by around 1.53 million addresses. Analysts believe that if Bitcoin can flip this resistance into support, it could pave the way for a bigger move towards new all-time highs.
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