For Bitcoin to surge toward new all-time highs
$BTC must achieve a daily close above $62,800. On September 19, prominent trader HornHairs emphasized this level as crucial for $BTC to advance to the next support zone.
Bitcoin’s recovery has been fueled by macroeconomic developments lifting risk assets, with the BTC/USD pair gaining around 7.8% over the past week. HornHairs notes that maintaining price action above $62,800, after holding the $56,500 support, is key to driving further momentum.
“If we manage to close above $62,800 and sustain that level, we could witness a solid move toward a new all-time high (ATH),” HornHairs stated.
Adding to this perspective, MS2 Capital mentioned that the 200-day simple moving average (SMA) is aligned with the largest on-chain volume cluster near $63,800.
At the same time, experienced trader Rekt Capital observed that Bitcoin has been in a multi-month downtrend since July. He commented, “Bitcoin is beginning to break out of this downward channel,” with $66,800 serving as a significant breakout target. However, Rekt Capital warned that time is running out as Bitcoin remains trapped in a "reaccumulation range" since the April block reward halving event.
Historically, Bitcoin has broken out of this range around 145-155 days post-halving. With about 156 days elapsed, the clock is ticking.
At present, Bitcoin, the largest cryptocurrency by market capitalization, briefly touched $63,800 this morning and is trading at approximately $63,350, marking a 2.1% increase in the last 24 hours.
