Keep an eye on Bitcoins price levels as it reaches 64K

Bitcoin needs to surpass the $63,000 mark in order to pave the way for new record highs, according to the latest analysis. Renowned trader HornHairs outlined key price levels that Bitcoin bulls need to transform into support. Following positive macroeconomic events, Bitcoin has experienced a rebound and is up nearly 8% for the week. However, it now faces a crucial resistance level that has kept the market stagnant for months. The mid-$60,000 zone is particularly significant as it hosts various trend lines that are vital for providing support. These include the aggregate cost basis for Bitcoin’s short-term investors, which is typically present during bull markets. In addition, the 200-day simple moving average aligns with the largest onchain volume area around $64,000. Another analyst, Rekt Capital, believes that Bitcoin is already breaking its multimonth downward channel and that $67,000 is a key breakout level. However, time is running out as Bitcoin has been in a “reaccumulation range” since its block subsidy halving event in April. It is worth noting that this article does not offer investment advice and readers should conduct their own research before making any decisions.