Bitcoin (CRYPTO:BTC) has broken through key short-term resistance, suggesting a possible return to its all-time highs.
What happened
According to Bolsamania, at the end of last week, Bitcoin managed to overcome its first resistance level at $65,200. This move, along with the rising lows seen since early August, indicates a change in the 200-session average.
The next resistance level is at $70,825. If Bitcoin breaks this price, it is likely to return to its all-time highs of $74,415. In the medium and long term, Bitcoin’s trend is clearly bullish and it is expected to continue gaining positions in the coming months.
Source: Bolsamania
The key support is at $49,365, the August low. No sign of weakness will be seen as long as Bitcoin remains above this level.
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Why is it important
Bitcoin’s recent advance comes against a backdrop of optimism in the Cryptocurrency market. According to a report by Coinbase Global Inc. (NASDAQ:COIN), the Bitcoin market has shown positive behavior, especially after the interest rate cut in the United States.
The report highlights that Bitcoin is close to closing September on the rise, trading in the range of $65,000. This behavior fuels optimistic expectations for the fourth quarter of the year.
Coinbase analysts maintain a constructive outlook for the fourth quarter of 2024, based on their favorable view of the current macroeconomic environment. This optimism is reflected in Bitcoin demand, which is showing strength and support heading into the fourth quarter of the year.
Bitcoin image generated with artificial intelligence tools
You can also read: Nvidia (NVDA) Stock Could Hit $800 Boosted by AI and Web3
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