bullish

Bitcoin

when

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) price is trading 16% above the local low of $52,546 reached on Sept. 6, leading analysts to believe that this reversal could be the start of a path to new all-time highs.&nbsp;
“Bitcoin’s Local structure turned back to bullish here, after closing higher than the previous September high, and locking in a higher low as well,” independent Bitcoin analyst Jelle <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1836029409720926528" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> in a Sept. 17 post on X.
Jelle was referring to Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-60k-reclaim-gold-all-time-high" rel="noopener noreferrer nofollow" target="null" text="null" title="null">recent high at $60,670</a> set on Sept. 13, which was higher than the Sept. 3 high of $59,830. According to the analyst, this setup suggests that the market is strong enough to overcome the resistance at $65,000 and later confront supplier congestion at all-time high.
<blockquote>
 “Looks ripe to take out $65,000 -- and then new all-time highs.”BTC/USD 12-hour chart. Source: Jelle
</blockquote>
“The local bullish shift looks promising,” pseudonymous analyst Altstein Trader <a data-ct-non-breakable="null" href="https://x.com/Altsteinn/status/1836030906731016574" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> in response to Jelle’s analysis, adding that breaching the” $65,000 mark could set the stage for new all-time highs.”
Meanwhile, popular crypto analyst Daan Crypto Trades spotted <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin</a> trading close to the middle boundary of a descending parallel channel at $57,902.&nbsp;
According to the analyst, this was an “interesting spot” as a 5% move above this level would pave the way for a “bigger move” of about 10% higher. A 15% move from $57,900 places BTC price above $66,000.
<figure><img alt="Bitcoin’s ‘local market structure’ could push BTC price to new all-time high — Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019201ac-12e3-7681-84b9-a5ce590495a7">
 <figcaption style="text-align: center;">
 Source: Daan Crypto Trades
 </figcaption>
</figure>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> shows that Bitcoin made the first 5% gain after the Wall Street open on Sept. 18 rising above the $59,300 to $60,738 supplier congestion zone, where the 50-day,100-day and 200-day exponential moving averages (EMAs) currently sit. This move saw BTC price set an intraday high at $61,331 before before pulling back to $60,540 at the time of publication.
As Cointelegraph reported earlier, Bitcoin needed to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-60k-double-breakout-zone" rel="noopener noreferrer nofollow" target="null" text="null" title="null">flip this barrier</a> into support to sustain its bullish momentum.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-trader-still-too-early-call-btc-price-bottom" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin trader says it’s still ‘too early’ to call BTC price bottom</a>
Supplier congestion at $60,000 has become a key Bitcoin price resistance hurdle, as evidenced by data from IntoTheBlock. Its in/out of the money around price (IOMAP) model shows that Bitcoin faces relatively stiff resistance around this level.
The barrier at $60,000 lies close to the $60,465 and $62,278 price range, where approximately 604,760 BTC were previously bought by approximately 1.53 million addresses.
<figure><img alt="Bitcoin’s ‘local market structure’ could push BTC price to new all-time high — Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019201ac-8896-7ced-8c53-0de9f61595d7">
 <figcaption style="text-align: center;">
 Bitcoin IOMAP chart. Source: IntoTheBlock
 </figcaption>
</figure>
Additional data from CoinGlass reveals massive ask orders building up around this level, reinforcing its significance to bears.
<figure><img alt="Bitcoin’s ‘local market structure’ could push BTC price to new all-time high — Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019201ad-6053-786f-92c4-f3509f899f02">
 <figcaption style="text-align: center;">
 Bitcoin liquidation heatmap. Source: Coinglass
 </figcaption>
</figure>
The liquidation heat map above shows that around $40.13 million in ask orders are sitting around the $60,000 level, adding to the stiffness of the resistance on the upside.
Meanwhile, Kyledoop <a data-ct-non-breakable="null" href="https://x.com/kyledoops/status/1836034941538451879" rel="noopener noreferrer nofollow" target="null" text="null" title="null">shared</a> data from CryptoQuant, revealing a rise in the futures sentiment index since the beginning of the year.
According to CryptoQuant, an increase in this metric often precedes significant price surges.&nbsp;
“With an 89% historical correlation to price jumps across four cycles, #Bitcoin looks poised for potential growth.”
<figure><img alt="Bitcoin’s ‘local market structure’ could push BTC price to new all-time high — Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019201ae-700f-7672-aa29-da8362f4ae8e">
 <figcaption style="text-align: center;">
 Bitcoin futures sentiment index. Source: CryptoQuant
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s ‘local market structure’ could push BTC price to new all-time high — Analysts

Cointelegraph

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