Bitcoin Technical Analysis Report | 23rd September 2024
On September 22, Bitcoin briefly dipped below $63,000, signalling potential profit-taking by short-term traders. Analysts suggest that Bitcoin may undergo a brief consolidation phase before making another attempt to breach the critical resistance at $65,000. Despite this dip, Bitcoin has maintained support around $62,000 as the weekly close approaches, benefiting from a strong rebound off the September support level, which sits $10,000 lower. This recovery has sparked renewed buying interest in select altcoins, several of which have successfully broken through their respective overhead resistance levels.
At the time of writing, BTC was trading at $64,446.
BTC, after taking good support at the crucial level of $52,500, surged almost by 22% up to $64,130. The asset continues to trade in a Descending channel pattern, where the upper downsloping line is acting as the resistance and the lower downsloping line is the support. The lower longer shadows around $52,000 indicate buying around these levels. Once BTC gives a breakout above the Descending channel pattern, then we may expect the prices to rally and cross the previous all time high of $73,777.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $56,000 | $62,000 | BTC | $66,500 | $73,777 |
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