Bitcoin Breakout Confirmed – Price Action Suggests Bullish Outlook

Bitcoin is holding firm above $68,000 but has yet to break through the critical $69,000 level. After weeks of bullish price action, the market is closely watching for confirmation of a breakout from the seven-month accumulation pattern that has built up significant momentum.

Top analyst Daan recently shared his insights, stating that this breakout is now a reality, fueling optimism among investors.

As Bitcoin continues its climb, many anticipate a small retrace, followed by a strong bounce that could pave the way to challenge the all-time highs around $73,000. The key level to watch remains $69,000, and if BTC can maintain its strength above this price, a surge to new highs seems increasingly likely.

With the market brimming with optimism and the accumulation phase over, investors keep a close eye on upcoming movements, expecting the next big rally to take shape soon. 

Bitcoin Weekly Close Coming Up

Bitcoin is on the verge of closing the week above $68,000, marking its highest weekly close since late July. The market remains bullish, with optimism fueling new targets for the leading cryptocurrency in the coming weeks. 

Top analyst and investor Daan recently shared his technical analysis on X, stating that Bitcoin’s breakout from its previous price channel has been confirmed. “The breakout looks strong after these few daily closes above, and the weekly close is likely to confirm it too,” Daan noted.

Bitcoin Breakout from the 7-month channel is confirmed | Source: Daan on X

As BTC continues to hold its ground, investors are preparing for potential volatility in the weeks ahead, especially with the upcoming election adding an element of uncertainty to the market. Despite this, Daan remains confident, highlighting that the current chart for Bitcoin looks promising, even with the possibility of some short-term turbulence.

The next two weeks will be critical for determining Bitcoin’s strength and pace as it approaches new price targets. A sustained close above $68,000 would solidify the bullish outlook, and many investors are eagerly awaiting to see if Bitcoin can push beyond the $70,000 level and potentially challenge its all-time highs. 

The whole market is closely watching as Bitcoin continues to build momentum for the next leg of its rally.

BTC Technical Levels 

Bitcoin is currently trading at $68,200 after a notable 9% surge since Monday. The weekly chart showcases a bullish structure, and to solidify this bullish outlook, BTC must push above the critical $70,000 level. 

BTC testing monthly supply levels | Source: BTCUSDT chart on TradingView

Such a breakout would likely trigger significant fear of missing out (FOMO) among investors eager to enter the market. If the price successfully breaks above $70,000, the next target will be the all-time highs around $73,000, signaling strong upward momentum.

However, there are risks involved. If BTC fails to breach the $70,000 resistance and retraces below the $66,500 mark, the market may enter a sideways consolidation phase or, worse, a correction to lower demand levels. This scenario could dampen the current bullish sentiment and increase traders’ uncertainty.

In summary, the upcoming days are crucial for Bitcoin. A decisive move above $70,000 could pave the way for a rally toward all-time highs, while a failure to do so may result in a challenging period of price stagnation or a downward correction. Investors are closely watching these price levels to gauge the future direction of BTC.

Featured image from Dall-E, chart from TradingView