bullish

Bitcoin

when

Rise

The post <a href="https://coinpedia.org/price-analysis/bitcoin-hangs-on-critical-support-will-btc-price-rise-to-66000-or-face-a-rejection-to-60000/" rel="noopener noreferrer nofollow">Bitcoin Hangs on Critical Support: Will BTC Price Rise to $66,000 or Face a Rejection to $60,000?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Bitcoin experienced a bullish weekend with an 8% rise, marking a rise of over $64,000. The price is juggling to reclaim levels after a pullback while landing in a crucial phase. The bulls are currently failing to defend the support they are holding; hence, a huge hindrance may be caused by the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> rally in the coming days. While the bulls appear to be weak at the moment, they seem to be preparing for massive price action.&nbsp;
The BTC price has fought its way back to an almost break-even August. At some point this month, BTC was down by nearly 24%, and now it is trying to push higher, being different from the historical patterns. Even though the August trade may record a bullish breakout and break the previous trend, the crypto winters are expected to intensify in the coming September. The upcoming pullback is expected to present a fresh bottom, which may make the cycle low, triggering a fine rise ahead.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd79Sjv5r2slKnVawTItttw7puey_heEsQcZex2WFXYRZF3CKzzqjU4H2zkt8XMvPM-w3RHXsmlQI3Quvi0im6h0XtT6XMBGgGPWfRjf0diq7ozrXJkfHcoVhXiPrR_etHEUpMjH9sLes69VcY5eCe33HDL?key=0uODX_baOJ7FgZ7L0yNU5Q" alt="">
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The weekly chart of Bitcoin suggests the price is accumulating strength by consolidating within a pattern, holding above the crucial support zone. Now that the price has rebounded from the lows, the token is expected to break from the major megaphone-like structure, right above the key weekly support levels. Hence the price is consolidating along the average range which may further result in a breakout of the accumulation phase. With this, a rise beyond $72,000 could be imminent as the MACD is close to displaying a bullish crossover.&nbsp;
This move is expected to make the market participants more optimistic over the next price action but the bears have capitulated the levels above $72,000. Hence, much similar to the previous one, the BTC price is expected to face a rejection which may push the levels back to the support zone around $60,000. This could be when the bearish September could be at its peak, attracting fresh bullish momentum.&nbsp;&nbsp;
Therefore, the Bitcoin (BTC) price is expected to trigger a fresh rebound from the lows and form a new ATH above $74,000 in the first few days of December 2024.&nbsp;

Bitcoin Hangs on Critical Support: Will BTC Price Rise to $66,000 or Face a Rejection to $60,000?

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