Bitcoin (BTC) needs a daily close above $63,000 to pave the way for new record highs, according to the latest analysis. In his latest article on X on September 19, popular trader HornHairs defined several key BTC price levels that bulls need to convert into next support.

Bitcoin Traders Bet on $63,000

Bitcoin continues to recover after the week's macro economic events brought bullish momentum to risk assets.

Up nearly 8% over the past week, BTC/USD is now facing a key resistance area that has held the market captive for months.

“The next key level is at $63,000 after a very strong reaction from the demand zone at $57,000,” HornHairs summarized.

“If we can break $63,000 and hold above it for an extended period of time (at least 1 day) then, in the medium to long term, we could be on the verge of a move towards new record highs.”

The mid-$60,000 area is important because it contains multiple resistance levels that are needed to act as support. This includes the total cost basis for short-term Bitcoin investors – a level that typically accompanies any bull market.

Continuing, MS2 Capital added that the 200-day simple moving average (SMA) now coincides with the highest on-chain volume area around $64,000. Among the charts uploaded to X includes a detailed analysis of resistance levels on high time frames.

BTC breakout at the right time?

Meanwhile, prominent trader and analyst Rekt Capital suggests that Bitcoin has started to progress within its months-long bearish channel.

“Bitcoin is breaking down from the Lower High from late July,” he revealed.

This channel itself means that $67,000 is an important breakout level.

Time for that breakout, meanwhile, is quickly running out — BTC/USD has been in what Rekt Capital calls a “reaccumulation zone” since the block reward halving event in April.

“Bitcoin has historically broken out of its Reaccumulation Zone 150-160 days after the Halving event,” he noted.

“It is currently about 158 ​​days after the Halving event.”

This article does not contain investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.

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