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Crypto analyst MMBT Trader has revealed that Bitcoin price is once again testing a bullish channel on the Price point of $65,000. He further mentioned what market participants should expect if the flagship crypto holds above this bullish channel or breaks below it.
Bitcoin Price Retesting $65,000 and What Might Come Next
MMBT trader mentioned in a TradeView post that the $65,000 support zone is now the key daily support, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if the Bitcoin price holds this support, investors can expect a “heavy pump,” which could lead to another price surge. all-time high (ATH).
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However, if Bitcoin price fails to hold the USD 65,000 bullish channel, such a break down would lead to a freefall towards the USD 60,000 support level. MMBT Trader even suggested the possibility of BTC retesting the $50,000 mark if it failed to hold above $65,000. Meanwhile, an outage means the flagship crypto could still range for a while before making another attempt to break its ATH at $73,000.
Analyst Justin Bennett recently too highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could fall to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trading setup.
The Bitcoin price has held well above $65,000 so far, since recovering $67,000 after the price crash two days ago. However, Bennett indicated that BTC is not yet in the clear, despite the rebound on October 23. He claimed there was none attached bottom as long as the flagship crypto remains below $68,200.
BTC needs a weekly close above this level
In an X message, crypto analyst Rekt Capital stated that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and bounced back above.
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Its accompanying chart showed that Bitcoin’s price drop below $66,200 before the weekly close could lead to a further breakdown below $66,200. Support level of $60,000.
Meanwhile, bear analyst CrediBULL Crypto predicted that Bitcoin price could retest the $68,000 range to “entice a few last longs” before undergoing a “back pull” towards the $60,000 support level. The analyst is among those who believe it is still too early to call for 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 Bitcoin price is trading around $67,000, up in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com