Bitcoin’s bullish momentum continues as it closes above a key support and resistance level.
Analysts predict further upward movement for BTC after breaking through major resistance.
Short sellers face pressure as negative funding rates fuel Bitcoin’s bullish trend.
Bitcoin is demonstrating increased bullish pressure, which may be observed from its ability to break through significant resistance levels. As shared by an analyst, VeLLa Crypto, the cryptocurrency settled above the daily support and resistance level at $57,470.
One would consider this as a move to continue the pump toward the $62,000 — $62,800 range. Another analyst, Jelle, echoed this by reckoning Bitcoin’s past performance in September to signal more increases.
Daily Close Contributes to the Force
VeLLa Crypto remarked that daily support and resistance levels are essential, and Bitcoin has closed above the crucial daily support and resistance level. This positive trend has been achieved alongside negative funding rates, implying that more traders are short-selling in the market. Notably, traders who had short-sold were coerced into buying them, and this could push the price up. The next areas of interest are $ 62,000 and $ 62,800.
Key Support and Resistance Levels
The first level of sustainable support for Bitcoin lies at $56,500, where the price has formed a rebound. Should the price return back to this level, then it should be strong enough to bar a deeper pullback. On the other hand, the resistance areas are estimated to be at $60,791 and $62,877. Should Bitcoin break these levels, then the upward trajectory may be sustained even further and reach high targets.
However, as analyst VeLLa Crypto noted, the above levels could present such resistance. However, breaking through them will indicate the further rise of Bitcoin, attracting more entities for investment. However, short-term corrections are possible, while the overall picture will continue upward.
Historical Performance and Outlook
Besides the technical indicators, analyst Jelle says that BTC steadily grew in September, and further increases followed. Jelle noted that Bitcoin managed to wrap up in green in September, the third time this year. Earlier, Bitcoin was able to finish in green during 2015 and 2016. This fact further implies that the upcoming months might witness green months.
The post BTC Bulls Target $62K After Strong Daily Close Above $57,470 appeared first on CryptoTale.
