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.
Bitcoin Market Analysis: What Does the $65,000 Level Mean?
At the start of this month, the Bitcoin price was around $57,326. In the initial days of the month, the market was largely in a bearish mood. In the period between September 3 and 6, the market saw the price plunge sharply from $59,123 to $53,985 – the harshest reported this month so far. As said earlier, the situation reversed on September 7, when buyers took control of the market. Since then, the market has been bullish, although it experienced small setbacks in between, especially in the period between September 14 and September 16 when the price briefly slipped from $60,443 to $58,253.
Deutscher’s post highlights that the latest break of the crucial $65,000 level has helped the BTC market to create a new higher high. A higher-high is very significant, as it generally indicates a bullish sentiment.
Can the BTC Uptrend Be Confirmed?
Deutscher suggests taking a cautious approach. It seems that he does not want investors to make a hasty decision. It is clear that he intends to assess whether the $65,000 level can hold the market. He states that if the weekly chart of the Bitcoin market shows the price holding the level, we can confirm that a new strong uptrend has in fact begun.
Looking at the weekly chart, the Bitcoin market looks extremely bullish, with three consecutive bullish candlesticks. The only week this month that the market displayed a bearish candlestick was in the first week when the price closed at a low of $54,855. In the second week, the price saw a sharp climb from $54,912 to $59,123. In the third week, it reached a high of $63,588. This week, the market is expected to follow the precedent of the second and third weeks.
In conclusion, the level of $65,000 is very crucial for the Bitcoin market. If the BTC price holds this level, it can be regarded as confirmation of a new uptrend. Like what Deutchser’s post suggests, we only have to wait for a couple of days to know whether the Bitcoin price can hold the level or not.
