Bitfinex Analysts Say Bitcoin Bullish Rebound Needs $65K Break

BTC Struggles to Overcome August High of $65K as Analysts Await Bitcoin Bullish Rebound

Since reaching lows below $54,000 early this month, the leading cryptocurrency by market value, Bitcoin, has increased in value by 16%. Analysts at cryptocurrency exchange Bitfinex, however, say that a bullish comeback is not yet verified. Analysts stated in a message to CoinDesk on Tuesday that in order to verify the conclusion of a protracted decline marked by lower price highs since March, the cryptocurrency must break beyond the August high of $65,200.

BTC is now within touching distance of the Aug. 25 top of $65,200. The reason this level is important is because since the all-time high of $73,666 was reached on March 14th, BTC has still not managed to eclipse a single high before a local/new bottom was formed. This qualifies for the technical definition of a downtrend,

analysts at Bitfinex

Bitcoin’s Downtrend May End with a Break Above $65K, Says Bitfinex Analysts

The chart above displays a falling trendline that represents the record high of almost $73,000 on March 14 and the subsequent lower highs and lower lows of $60,780 on March 20.

This implies that the August 25th local high at $65,200 before our September 6th local bottom holds a lot of significance from a higher time frame perspective,

analysts at Bitfinex

That is, a strong move over the August peak would signal the conclusion of the current downtrend and the start of the longer-term upward trend from the October 2023 lows around $30,000. A move above $65,200 is supported by the recent reduction in Fed rates, China’s significant stimulus announcement, and the restoration of risk appetite to the wider financial markets.

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