The Bitcoin market met a strong upward momentum on September 7. Since then, the momentum has been gradually picking up strength. Yesterday, it helped the market break above the crucial range of $65,000. Now, the BTC price stands at $65,254. Can we confirm that a new bull run has begun?
Cryptocurrency expert Miles Deutscher has something to share about this new accomplishment of Bitcoin. Don’t miss out on these insights.
At the start of the month, Bitcoin was trading at $57,326, and the market was mostly bearish. Between September 3 and 6, the price dropped sharply from $59,123 to $53,985, marking the biggest drop so far this month. But things turned around on September 7, as buyers stepped in and pushed the market into a bullish trend. Despite a few dips, such as between September 14 and 16 when BTC slipped from $60,443 to $58,253, the market has stayed mostly positive.
Deutscher notes that Bitcoin’s break above $65,000 is significant because it created a “higher high,” which is usually a sign of a strong bullish trend.
However, Deutscher advises caution. While $65,000 is an important level, he suggests waiting for confirmation. If Bitcoin can hold above this level on the weekly chart, it could confirm a longer-term uptrend.
Looking at the weekly chart, Bitcoin has shown strength with three consecutive bullish candlesticks. The only bearish week was the first of the month when the price dropped to $54,855. After that, the second week saw a rise to $59,123, and the third week reached a high of $63,588. If this trend continues, Bitcoin could follow the same upward momentum seen earlier in the month.
The $65,000 level is critical for Bitcoin’s future. As Deutscher suggests, it’s important to watch the market over the next few days to see if Bitcoin can stay above this level. If it does, it could signal the start of a new bull run.
Is the $65,000 level the new floor for Bitcoin? Let us know your predictions.
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