Bitcoin Back in the Game? Bulls Eye $68,000 as Price Nears Resistance

Bitcoin (BTC) is stirring excitement among traders with a potential price surge in sight. Analysts are pointing to a technical pattern that could propel the king of crypto closer to reclaiming its 2021 highs.

A Bullish Breakout?

In a recent analysis video, pseudonymous crypto trader Mister Crypto identified a key level for Bitcoin. If BTC can decisively break above $64,000, he believes a return towards $68,000 becomes “very likely.” This level hasn’t been touched since late July and could reignite talk of surpassing the coveted $68,991 all-time high of 2021.

Market Sentiment and Support Levels

At the time of writing, Bitcoin sits just above $64,245. This recent surge came after dovish comments from Federal Reserve Chair Jerome Powell, hinting at potential interest rate cuts and boosting investor confidence. However, the road to $68,000 may not be smooth. Bitcoin previously struggled to hold above $64,000 in late August, retracing back towards $63,500. Additionally, Mister Crypto cautions that major price movements are unlikely over the weekend, with consolidation around current levels more probable.

Analyst Disagreements: Time for Bulls to Charge?

While Mister Crypto advises a wait-and-see approach, crypto trader Elja offers a more bullish perspective. They believe it’s “time for bulls to push Bitcoin towards $68K-$70K.” This optimism is based on the Relative Strength Index (RSI), an indicator suggesting Bitcoin isn’t overbought yet. Currently, Bitcoin’s RSI sits at 66.11, a healthy distance from the “overbought” zone above 70.

Hong Kong’s Bitcoin ETFs: A Slow Start with Potential

Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) have crossed a milestone, surpassing $256 million in assets under management (AUM). However, this growth pales in comparison to their U.S. counterparts. While initial inflows were promising, they haven’t reached the billions seen in the U.S. launch. This slower adoption is attributed to a limited number of ETF offerings compared to the U.S. market. Despite the slow start, industry experts remain optimistic. Hong Kong’s ETFs offer a unique “in-kind” creation method, where actual cryptocurrencies are used to create new ETF shares. This innovation could attract more investors over time.

Bitcoin Technical Analysis: Bulls vs. Bears

Bitcoin is currently testing its resistance at $65,000. A clear break above this level is crucial for further bullish momentum. Technical indicators show some conflicting signals. The MACD is losing momentum in the bullish zone, while the RSI remains above 50, indicating some buying pressure.

• Support Levels: $63,800, $63,500, $62,800
• Resistance Levels: $64,500, $65,000, $65,500

If the bulls can overpower the bears and push Bitcoin above $65,000, a surge towards $67,200 becomes a possibility. However, a failure to break through could lead to a correction towards the $63,500 support level.