{"id":649612,"date":"2024-10-24T13:00:10","date_gmt":"2024-10-24T13:00:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=649612"},"modified":"2024-10-24T08:38:57","modified_gmt":"2024-10-24T08:38:57","slug":"bitcoin-price-retests-65000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-retests-65000\/","title":{"rendered":"Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next"},"content":{"rendered":"

Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the <\/span>$65,000 price level<\/span><\/a>. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel.\u00a0<\/span><\/p>\n

Bitcoin Price Retesting $65,000 And What Could Come Next<\/h2>\n

MMBT Trader mentioned in a <\/span>TradingView post<\/span><\/a> that the $65,000 support zone is now the major 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 \u201cheavy pump\u201d, which could lead to a new <\/span>all-time high (ATH)<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Analyst Says Dogecoin Price Looks \u2018Ready\u2019, Predicts 5,202% Surge<\/a><\/div>\n

However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000.\u00a0<\/span><\/p>\n

Analyst <\/span>Justin Bennett also recently<\/span><\/a> highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup.\u00a0<\/span><\/p>\n

The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn\u2019t yet in the clear despite the bounce on October 23. He claimed there is no <\/span>confirmed bottom<\/span><\/a> as long as the flagship crypto is below $68,200.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

BTC Needs A Weekly Close Above This Level<\/h2>\n

In an X post, <\/span>crypto analyst Rekt Capital<\/span><\/a> mentioned 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 returned above it.\u00a0<\/span><\/p>\n

Related Reading: Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the <\/span>$60,000 support level<\/span><\/a>.\u00a0<\/span><\/p>\n

Meanwhile, bear analyst <\/span>CrediBULL Crypto<\/span><\/a> predicted that the Bitcoin price could retest the $68,000 range to \u201cbait in some final longs\u201d before it suffers a \u201crug pull\u201d to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC bulls reclaim $67,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel.\u00a0 Bitcoin Price Retesting $65,000 And What Could Come Next MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major 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 \u201cheavy pump\u201d, which could lead to a new all-time high (ATH).\u00a0 Related Reading: Analyst Says Dogecoin Price Looks \u2018Ready\u2019, Predicts 5,202% Surge However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000.\u00a0 Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup.\u00a0 The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn\u2019t yet in the clear despite the bounce on October 23. He claimed there is no confirmed bottom as long as the flagship crypto is below $68,200.\u00a0 BTC Needs A Weekly Close Above This Level In an X post, crypto analyst Rekt Capital mentioned 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 returned above it.\u00a0 Related Reading: Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level.\u00a0 Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to \u201cbait in some final longs\u201d before it suffers a \u201crug pull\u201d to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range.\u00a0 At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":646052,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-649612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What's Next<\/title>\n<meta name=\"description\" content=\"Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level.\" \/>\n<meta name=\"robots\" content=\"index, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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