Bitcoin's recent price action has caught the attention of market analysts. The world's largest cryptocurrency is now trading 16% above its September 6 low of $52,546. This reversal has sparked optimism among experts.
Independent analyst Jelle believes this could be the start of something big. "Bitcoin's local structure turned back to bullish here," he posted on X. He's not pulling punches.
Jelle points to Bitcoin's recent high of $60,670 on September 13. This peak surpassed the September 3 high of $59,830. It's a technical setup that suggests market strength.
The analyst thinks Bitcoin could soon break through $65,000. From there, new all-time highs might be on the cards. Another analyst, Altstein Trader, agrees. He calls the local bullish shift "promising".
Daan Crypto Trades has spotted an interesting pattern. Bitcoin is trading near the middle of a descending parallel channel at $57,902. A 5% move above this level could trigger a bigger 10% jump.
Data from Cointelegraph Markets Pro and TradingView backs this up. Bitcoin made a 5% gain after the Wall Street open on September 18. It rose above the $59,300 to $60,738 zone, where key moving averages converge.
This move saw Bitcoin hit an intraday high of $61,331. It later pulled back to $60,540. Analysts say Bitcoin needs to hold above this level to keep its bullish momentum.
The $60,000 mark is proving to be a tough nut to crack. IntoTheBlock's data shows stiff resistance around this price point. Their IOMAP model reveals that 1.53 million addresses bought 604,760 BTC between $60,465 and $62,278.
CoinGlass data adds another wrinkle. There are massive ask orders building up around $60,000. About $40.13 million in ask orders sit at this level. It's a big hurdle for the bulls to overcome.
But it's not all doom and gloom. Kyledoop shared some juicy data from CryptoQuant. The futures sentiment index has been on the rise since the start of the year. This metric has an 89% historical correlation with price jumps across four cycles.
So, what's the bottom line? Bitcoin's looking bullish, but it's got some serious resistance to push through. The next few weeks could be make or break for crypto's top dog. Grab your popcorn, folks. This could get interesting.