Bitcoin breaks past $65,000 resistance, challenging bearish theories and forming a new higher high since its all-time high.
Analyst DrProfitCrypto highlights Bitcoin's strong support around $61,000, solidifying a bullish trend after retesting the MA50.
A price target of $66,000 is expected soon, with DrProfitCrypto holding long positions as Bitcoin consolidates near key levels.
DrProfitCrypto, a crypto analyst on X, has highlighted Bitcoin's price action movement. For the first time since its all-time high (ATH), Bitcoin has printed a new higher high, moving above the previous resistance level of $65,000.Â
https://twitter.com/DrProfitCrypto/status/1842920968051687831
This challenges the commonly held bearish theory of higher highs and lower lows, which predicted a continued downward trend for Bitcoin. The analyst has long argued that this pattern fails during periods of sideways movement, especially when key moving averages remain intact. He believes Bitcoin's latest retest of the 50-day moving average (MA50) has solidified its bullish momentum.
Bitcoin Retests Key Support Levels
Bitcoinâs recent price action has been moving around the $61,000-$62,000 level, where it encountered strong support near the MA50. This support area has proven critical in maintaining the cryptocurrency's bullish outlook. According to DrProfitCrypto, the price bouncing off this level signals strong upward potential.Â
He mentioned that his premium members received a long signal when Bitcoin was in the $60,000-$61,000 range. He plans to add to his positions if the market revisits these levels again. He also pointed to a substantial long position placed at $53,000, which has remained profitable amid Bitcoin's rise.
Strong Bullish Trend in Play
The upward trend in Bitcoin has been characterized by a series of higher highs and higher lows. This pattern started after Bitcoin rebounded from its support at $58,000, moving steadily upward.Â
Notably, there was a pullback from a local high of $66,000, but the fact that Bitcoin held its ground above the MA50 supports the broader bullish narrative. This retracement has led to further consolidation around the $61,000-$62,000 level. He expects the price to continue its climb, targeting the $66,000 region in the short term.
Analyst Eyes $66,000 Target
As Bitcoin continues to consolidate, the analyst has set his sights on a near-term price target of $66,000. He plans to hold his current long positions, anticipating that this next target will be reached soon.Â
The upcoming PPI and CPI inflation data, expected later this week, could serve as a potential push for Bitcoin's next move. While the possibility of a deeper correction remains if the price falls below $61,000, the current setup suggests Bitcoin is in a bullish state with strong potential for further gains.
