For Bitcoin to reach new all-time highs, $BTC needs to close above $62,800 on the daily chart. On September 19, renowned trader HornHairs highlighted this crucial level for $BTC to advance to the next support zone. Bitcoin's recovery has been driven by macroeconomic factors that boosted risk assets, with BTC/USD up approximately 7.8% over the past week. According to HornHairs, holding above $62,800 after defending the $56,500 support is essential for further upward momentum.
âIf Bitcoin can close above $62,800 and maintain that position, we might see a strong push towards a new all-time high,â he noted.
In agreement, MS2 Capital pointed out that the 200-day simple moving average (SMA) aligns with the largest on-chain volume cluster near $63,800. Meanwhile, seasoned trader Rekt Capital commented on Bitcoin's multi-month downtrend since July, stating, âBitcoin is starting to break out of this downward channel,â with $66,800 as a key breakout level. However, he cautioned that time is running out, as Bitcoin remains stuck in a "reaccumulation range" since the April halving event.
Historically, Bitcoin breaks out of this range 145-155 days post-halving, and with 156 days now passed, the pressure is mounting.
As of today, Bitcoin briefly touched $63,800 and is currently trading at $63,350, up 2.1% in the past 24 hours.
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