Bitcoin Price Set to Reach New Highs as Traders Grow Bullish

The Bitcoin Geek
3 Min Read
Bitcoin Price Set to Reach New Highs

Bitcoin’s monthly close could bring an end to a 6-month downtrend, sparking hopes that BTC price is ready to break through to new highs.

Bitcoin (BTC) is showing signs of a major shift in its price trend. On the weekly and monthly charts, closing above $65,000 would create a new higher price. This would break the six-month pattern of lower prices.

BTC Price Breaks Key Levels

Before Bitcoin’s price went above $66,000, the crypto market had no strong reasons for prices to rise. But now, new events have brought back hope, and traders think Bitcoin is ready to go up again.

BTC/USDT weekly chart. Source: TradingView
BTC/USDT weekly chart. Source: TradingView

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Key Events Supporting Bitcoin’s Rise

Several events over the past weeks have fueled traders’ optimism:

  • Spot Bitcoin ETFs have seen a surge in inflows, reaching $494 million in new funds, bringing the total to $18.8 billion.
  • MicroStrategy announced a big Bitcoin purchase. They bought 18,300 BTC between August 6 and September 12, and then added another 7,420 BTC on September 20.
  • U.S. stock markets and gold have reached all-time highs, drawing comparisons with Bitcoin’s potential.
  • The People’s Bank of China (PBOC) lowered interest rates and took steps to increase money supply. This is seen as good news for Bitcoin’s price to grow.
  • Global and U.S. money supply is growing because of lower interest rates. This makes investors think about choosing Bitcoin instead of traditional assets.

Traders think that if central banks keep lowering interest rates and make money easier to get, returns on traditional investments will fall. This could lead more people to invest in Bitcoin and other cryptocurrencies for better returns.

Will Bitcoin Retrace to $62K?

Technically, Bitcoin has managed to close above the 200-day moving average three days in a row, while trading above a 196-day descending trendline. A close above $65,000 would be a key signal of a bullish reversal on both weekly and monthly charts.

In the coming week, it’s possible that Bitcoin could see a pullback to the 20-day moving average at $62,000. The critical question is whether traders will step in with enough buying pressure to defend this level and push Bitcoin through the $66,000 to $68,000 resistance zone.

Fresh Bullish Sentiment Sparks Hope for New Highs

A new wave of good news about Bitcoin has come, giving traders hope that it might reach or pass its previous all-time highs.

This new confidence, along with market signals, shows that Bitcoin’s price could rise soon. Traders and investors are carefully watching for strong growth in the coming weeks.

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