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

The post Bitcoin Hangs on Critical Support: Will BTC Price Rise to $66,000 or Face a Rejection to $60,000? appeared first on Coinpedia Fintech News

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 BTC price rally in the coming days. While the bulls appear to be weak at the moment, they seem to be preparing for massive price action. 

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. 

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. 

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.  

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.