Bitcoin has two new key levels to preserve as support while BTC price action bounces from 10-day lows.
In his latest X coverage on Oct. 24, Keith Alan, co-founder of trading resource Material Indicators, drew attention to an old top from April 2021.
$65,000 becomes do-or-die BTC price level
Bitcoin (BTC) retraced this week after reaching $69,000 for the first time since the summer, but sellers were not in control for long.
As stop-loss levels began to hit, downside momentum briefly accelerated after the Oct. 23 Wall Street open, data from Cointelegraph Markets Pro and TradingView shows.
The result was a trip to $65,000, marking Bitcoin’s lowest levels since Oct. 10. A subsequent rebound took BTC/USD back above $67,000.
BTC/USD 1-hour chart. Source: TradingView
In so doing, bulls avoided a test of a crucial weekly trend line — the 21-week simple moving average (SMA).
Currently at $62,700, that level needs to stay untouched with “no wicks below it,” Alan said, which would, in turn, be “a sign that the short-term uptrend is intact.”
This week’s BTC price low, however, did come within inches of its old all-time high from the last cycle — not from November 2021, but April that year, when it reached $64,950 on Bitstamp.
“Thursday brought us a solid test of the Mid-Cycle Top, and now it’s closely correlated with the 21-Week MA,” Alan said.
“Let’s see if BTC can hold above that technical support through the weekly close.”
An accompanying chart laid out zones of interest along with trading signals from one of Material Indicators’ proprietary trading tools.
BTC/USD 1-day chart. Source: Keith Alan/X
Analyst sees Bitcoin all-time high retest in “2-4 weeks”
As Cointelegraph reported, risk-asset markets, including crypto, continue to anticipate volatility around the US presidential election and Federal Reserve interest rate decision in two weeks.
Related: Bitcoin ETF $79M outflow ends 2-week bull run amid ‘sideways’ BTC price
Before that, US macroeconomic data prints may add to the uncertainty, with Oct. 24 seeing the Purchasing Managers’ Index (PMI) and weekly jobless claims released.
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