Bitcoin Needs to Surpass $65,200 to Confirm Bullish Move, Analysts Say

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Bitcoin Needs to Surpass $65,200 to Confirm Bullish Move, Analysts Say
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Bitcoin (BTC) has seen a 16% surge since testing lows below $54,000 earlier this month. However, according to analysts at cryptocurrency exchange Bitfinex, there is no confirmation of a definitive recovery yet.

In a note released to CoinDesk on Tuesday (24), analysts highlighted that, to confirm the end of a prolonged downtrend, the cryptocurrency needs to surpass the August high, which was US$ 65,200. This downtrend has had increasingly lower highs and lows since March of this year.

“BTC is currently close to the $65,200 high reached on August 25. The significance of this level lies in the fact that since the all-time high of $73,666 reached on March 14, Bitcoin has yet to break out of a single high before forming a new local bottom. This sets the technical definition of a bearish trend,” Bitfinex analysts explained.

According to analysts, a convincing break of the August high would confirm the end of the intermediate downtrend. Furthermore, it would indicate the resumption of a broader uptrend that began in October 2023 when the price was below $30,000.

Bitcoin Price Analysis

Factors such as the recent interest rate cut by the Federal Reserve, the announcement of a large stimulus by China and the return of risk appetite in global financial markets favor a possible rise above US$ 65,200.

However, there are reasons to be cautious. According to data from Coinalyze, the cumulative volume delta indicator has been showing a flattening since prices broke above the $63,500 mark over the weekend. This indicator measures the difference between buying and selling volumes on centralized exchanges over time. As such, the flattening suggests a slowdown in spot buying.

“It is possible that the price will form a new range near current values ​​and consolidate for a period, as we have seen in previous rallies that were initially driven by spot buying, followed by activity in the perpetual and futures markets. Another reason for caution is the slowdown in spot buying, as seen in the flattening of the cumulative volume indicator after the price broke above $63,500,” the analysts noted.

The expectation now is whether Bitcoin will be able to overcome the resistance of US$ 65,200, which would be crucial for the continuation of the rise. At the time of writing, BTC is costing US$ 63,514. In the last 24 hours, the price of the cryptocurrency registered a daily increase of 0.2%, according to data from CoinGecko.

Bitcoin Needs to Surpass $65,200 to Confirm Bullish Move, Analysts Say

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Bitcoin Needs to Surpass $65,200 to Confirm Bullish Move, Analysts Say

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Bitcoin Needs to Surpass $65,200 to Confirm Bullish Move, Analysts Say

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