Bitcoin must secure a daily close above $63,000 to pave the way for new all-time highs, according to recent analysis.
In an update shared on X on September 19, renowned trader HornHairs outlined essential Bitcoin (BTC) price levels that bulls need to convert into support.
**Bitcoin Traders Eye $63,000**
Following a week of macroeconomic developments that bolstered risk assets, Bitcoin is experiencing a rebound. With BTC/USD rising nearly 8% over the week, it now confronts a critical resistance area that has kept the market in check for several months.
HornHairs noted, “A significant level is approaching at $63,000 following a robust reaction from demand around the $57,000 mark.”
*BTC/USD 1-day chart. Source: HornHairs*
The mid-$60,000 range is particularly important as it encompasses various trend lines necessary for acting as support. This area includes the aggregate cost basis for short-term Bitcoin investors—a level typically associated with the onset of every bull market.
*Bitcoin on-chain volume chart. Source: MS2 Capital*
Further insights from family office MS2 Capital highlighted that the 200-day simple moving average (SMA) coincides with the largest on-chain volume zone, approximately at $64,000. The charts shared on X also featured an in-depth analysis of multiple high-timeframe resistance levels.
*BTC/USD resistance levels. Source: MS2 Capital*
**Is a BTC Price Breakout Imminent?**
Meanwhile, trader and analyst Rekt Capital has indicated that Bitcoin is making progress within its multi-month downward channel. He stated, “Bitcoin is breaking the Lower High downtrend that has been in effect since late July.”
The channel signals that $67,000 has become a crucial breakout point.
*BTC/USD 1-week chart. Source: Rekt Capital*
However, the window for this breakout is narrowing—as Rekt Capital describes BTC/USD as being in a “reaccumulation range” since the block subsidy halving event in April. He added, “Historically, Bitcoin has broken out from its ReAccumulation Range 150-160 days post-Halving.”
*BTC/USD 1-week chart. Source: Rekt Capital*
This article does not provide investment advice or recommendations. All investment and trading activities carry risks, and readers should perform their own due diligence before making any financial decisions.