Cryptocurrency analysts claimed that a daily close above $65,000 in Bitcoin price ($BTC ) will confirm the upside, otherwise the price may decline.
Bitcoin, which surged after the US Federal Reserve’s interest rate cut decision, continued its positive outlook. The leading cryptocurrency has gained nearly 10 percent since September 18. The surge has contributed to an influx of funds into altcoins.
Analysts stated that the continuous increases accompanied by the fear of missing out have reached the decision stage. According to analysts, if the upward momentum is not confirmed, the Bitcoin price may enter a risky process.
Cryptocurrency analysts were divided on Bitcoin, which surpassed $65,000 for the first time since August 2, on September 26. While some traders welcomed Bitcoin’s price crossing $65,000 as a positive, others believe a correction could start at any moment.
In a market note published by Kraken analysts, the following was said about the price of Bitcoin ($BTC );
“The recent price action reflects indecision in the market, as evidenced by a series of small-scale doji candles forming on the daily chart.”
According to CoinGlass data, open interest in BTC has increased by about 3.5 percent in the seven days since September 20. The interest in question stands at $35.61 billion.
Kraken analysts stated that if BTC cannot hold $65,000 despite the increasing demand, it could drop to $60,000. The investor note stated the following;
“BTC has reached a very important point, and investors need to closely monitor price action in the $65,000 area.”
Cryptocurrency analyst Matthew Hyland claimed that the bearish trend is starting to change for the first time with these increases. Matthew claimed that a bullish cycle has begun. Rekt Capital, which shared a similar view of Hyland, stated that BTC is preparing to enter a “Parabolic Rising” phase.
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