After climbing more than 5% on Monday to trade above $66 ,000 for a while, Bitcoin price was rejected at that point and is now trading in the $200-$65,500 range. Altcoin Sherpa posted a viral Bitcoin chart this morning, sparking discussion among cryptocurrency enthusiasts.The chart, showing the 12-hour candles of the on the Bitfinex exchange, reveals a strong bullish momentum and a clear upward tr
Bitcoin Price: Key Levels to Watch
The next significant resistance is clearly identified around $162, just above the psychologically important $000 level. This matches a prior high and likely serves as a major price objective for bulls, as mentioned in Altcoin Sherpa's tweet. On the support side, significant support exists around $62,000. Bitcoin recently bounced off this region, suggesting it’s a strong demand zone. This support aligns with the consolidation phase observed in mid-September.The overall trend remains bullish as BTC makes higher lows and higher highs.BTC price appears to have broken out of a consolidation zone below $63 000, signaling continuation Between mid-August and early September, a double bottom pattern formed around $60,000, a potential reversal of the previous downtrend. Volume spiked during the most recent price rally, showing strong buying pressure. Although volume has slightly diminished in the last few candles, it indicates that buyers are still interested at these levels.
Volume spiked during the most recent price rally, showing strong buying pressure. Although volume has slightly diminished in the last few candles, it indicates that buyers are still interested at these levels.
Altcoin Sherpa’s tweet states, “Feeling quite confident 70k is coming next. Don’t think we have that steep of a pullback from here.” This aligns with the chart analysis, where the expectation is that BTC could move towards $70,000 with limited pullbacks.
The trader’s confidence seems grounded in the upward price action and the overall bullish trend.