Bitcoin must secure a daily close above $63,000 to pave the way for new all-time highs, according to recent analysis.
In his latest update on X from September 19, renowned trader HornHairs highlighted essential price points for Bitcoin (BTC) that bulls should aim to convert into support.
**Bitcoin Traders Place Their Trust in $63,000**
Following a week of favorable macroeconomic developments that boosted risk assets, Bitcoin is experiencing a rebound. With an increase of nearly 8% over the week, BTC/USD now encounters a critical resistance level that has constrained the market for several months.
“A significant level is approaching at $63k after a strong response from demand in the $57k range,” HornHairs noted succinctly.
*BTC/USD 1-day chart. Source: HornHairs*
The mid-$60,000 zone is crucial as it contains multiple trend lines that need to act as support. This area also encompasses the aggregate cost basis for Bitcoin’s short-term investors—a level typically seen at the onset of a bull market.
*Bitcoin on-chain volume chart. Source: MS2 Capital*
Additionally, family office MS2 Capital pointed out that the 200-day simple moving average (SMA) aligns with the largest area of on-chain volume around $64,000. Among the charts shared on X was an in-depth analysis of various high-timeframe resistance levels.
*BTC/USD resistance levels. Source: MS2 Capital*
**Is a Timely BTC Price Breakout on the Horizon?**
Meanwhile, well-known trader and analyst Rekt Capital indicates that Bitcoin is making progress within its multi-month downward channel.
“Bitcoin is currently breaking the Lower High downtrend that has persisted since late July,” he disclosed.
The channel suggests that $67,000 now represents a significant breakout threshold.
*BTC/USD 1-week chart. Source: Rekt Capital*
However, time is of the essence—BTC/USD has been in what Rekt Capital describes as a “reaccumulation range” since the block subsidy halving event in April.
“Historically, Bitcoin has broken out from its Reaccumulation Range 150-160 days post-Halving,” he observed.
*BTC/USD 1-week chart. Source: Rekt Capital*
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to perform their own research before making any choices.