Bitcoin (BTC) is trading 16% above the local low of $52,546 reached on September 6. Analysts believe that this reversal could be the start of a new all-time high.

Independent Bitcoin analyst Jelle noted on September 17 that Bitcoin’s local structure is bullish on the X platform. According to Jelle, this suggests that the $65,000 resistance could be breached and new all-time highs could be targeted.

Popular crypto analyst Daan Crypto Trades noted that Bitcoin is trading at an interesting level at $57,902. The analyst said that a 5% move above this level could pave the way for a larger 10% move.

According to Cointelegraph Markets Pro and TradingView data, Bitcoin gained 5% since the Wall Street open on September 18, reaching $61,331. However, the supply crunch at $60,000 remains a major resistance point for Bitcoin.

What do you think about these developments? Share your comments with us!