Bitcoin’s recent price action has triggered analysts and traders to closely watch a key resistance level that could signal the start of a new bull market. According to popular crypto analyst Crypto Rover, Bitcoin is on the verge of a major breakthrough.
“If Bitcoin can break above this previous high, the bull market will begin!” Rover declared, pointing to a chart showing Bitcoin’s approach to a critical resistance level just shy of $70,000.
If #Bitcoin can break above this previous high, the bull market will begin! pic.twitter.com/L2cjoKjCHN
— Crypto Rover (@rovercrc) September 25, 2024
Beyond the breakout: supporting Bitcoin signals
While Rover’s analysis focuses on this immediate resistance, other analysts are chiming in with additional bullish indicators.
Bitcoin Archive highlighted a potentially powerful signal on the technical front: “Bitcoin MACD about to make a bullish cross-over on the 5-day chart for the first time in 230 days.”
They noted that the last two times this occurred, Bitcoin surged by 79% and 74% respectively, boldly predicting that a repeat performance could send Bitcoin “OVER $100K.”
Adding another layer to the bullish case, analyst Mags pointed out that Bitcoin has reclaimed its 200-day Moving Average, a key level often watched by long-term investors. “The last time Bitcoin tried this was back in August 2024, but it ended up being a fakeout,” Mags cautioned.
However, Mags also noted that if Bitcoin can hold above this level, “we could be looking at a massive breakout ahead.”
These analyses converge on a common theme: Bitcoin is approaching a critical juncture. The breach of the resistance level Rover highlighted, coupled with the technical signals noted by Bitcoin Archive and Mags, could indeed set the stage for a rally.
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