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Crypto analyst MMBT Trader revealed that Bitcoin price is retesting the bullish channel at $65,000 price point. He also mentioned what market participants should expect if the main crypto holds above or breaks below this high channel.
Bitcoin Price Retests $65,000 and What May Come Next
MMBT Trader mentioned in a TradingView post that the $65,000 support area is now a major daily support, and market participants can expect a valid retest of the channel exit. The analyst said that if the price of Bitcoin holds this support, investors can expect a “heavy pump”, which may lead to a new one. all time high (ATH).
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However, if the price of Bitcoin fails to hold the bullish channel of $ 65,000, such an exit to the bottom can lead to a free fall to the $ 60,000 level of support. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, the collapse means that the main crypto may be a while before it makes another attempt to break its ATH at $73,000.
Analyst Justin Bennett recently too highlighted the $65,800 range as the first test of Bitcoin’s price. He also indicated that BTC may drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range can make his trade setup ineffective.
Bitcoin price has so far held above $65,000 as it regained $67,000 after the price crash two days ago. However, Bennett indicated that BTC is still in the clear despite the breakout on October 23. He said there is no confirmed below as long as the leading crypto is below $68,200.
BTC Needs A Weekly Close Above This Level
In X’s post, crypto analyst Rekt Capital indicated that weekly closings above $66,200 will be confirmed as successful retests. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it.
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His accompanying chart showed that a drop in Bitcoin price below $66,200 before the weekly close could lead to a further breakdown below Support level of $60,000.
Meanwhile, bear analysts CrediBULL Crypto predicted that the price of Bitcoin could retest the $68,000 range to be “attractive for some time to come” before suffering a “rugged drag” to the $60,000 support level. The analyst is one of those who believe that it is too far to call a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range.
At the time of writing, the price of Bitcoin is trading around $67,000, the highest in the last 24 hours, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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