Bitcoin (BTC) has reclaimed the much-anticipated $60,000 mark, but the market remains on edge regarding the next move likely to validate the bullish sentiments.
In looking at Bitcoin’s next step, crypto analyst Rekt Capital noted in an X post on July 14 that crucial levels remain that Bitcoin needs to reclaim to sustain any upward trajectory.
The analyst pointed out that Bitcoin needs to target the $60,600 level. According to Rekt Capital, Bitcoin has a limited window of 24 hours to achieve this to protect its re-accumulation range.
Bitcoin price analysis chart. Source: TradingView/RektCapital
Rekt Capital’s analysis highlighted Bitcoin’s current rally, pointing out the cryptocurrency’s necessity for reclaiming the $60,600 range low as support. This move is crucial for Bitcoin’s return to the re-accumulation range it broke down last week.
The analysis pointed out that, historically, post-halving re-accumulation was marked by a significant period in 2020, during which Bitcoin consolidated before entering a parabolic upside phase, lasting for 23 bars (161 days) and with a volume of 1.183 million BTC.
Bitcoin’s next parabolic rally
Therefore, successfully reclaiming the $60,600 support level could position Bitcoin for a potential parabolic upside, similar to the post-halving trend in 2020. However, failing to reclaim this level might lead to further downside pressure.
Overall, the market has welcomed Bitcoin’s ability to reclaim the $60,000 mark after days of consolidating below the level amid bearish sentiments.
Another crypto analyst, Michaël van de Poppe, noted in an X post on July 14 that this level indicates Bitcoin has just started a new cycle, citing endorsement from leading institutional players.
#Bitcoin just started a new cycle. BlackRock already mentioned that ‘Bitcoin is a hedge against global uncertainty’.Similar to what Gold was in the 1930’s. The assassination attempt on Trump confirms this.The World Order is changing, and Bitcoin is our solution.
— Michaël van de Poppe (@CryptoMichNL) July 14, 2024Bitcoin price analysis
At press time, Bitcoin was trading at $60,020, with daily gains of over 2%. On the weekly chart, the leading cryptocurrency is up about 4.5%.
Bitcoin seven-day price chart. Source: Finbold
The $55,000 level has been crucial support over the past seven days. Between July 9 and 11, Bitcoin fluctuated between $55,000 and $58,000, with $58,000 as significant resistance and $55,000 to $56,000 providing substantial support.
On July 14, Bitcoin notably reclaimed the $60,100 level, which is crucial for maintaining its re-accumulation range and indicating potential for further upside. Future resistance levels to watch are $61,000 and $62,000.
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