Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K

Bitcoin (BTC) value rallied to $65,851 connected Sept. 26 arsenic markets responded to world macroeconomic events, placing BTC successful a ‘good position,’ according to traders.

BTC/USD regular chart. Source: TradingView

The beardown reversal successful Bitcoin’s value guidance has galore traders wondering what to expect adjacent from BTC going forward.

Bitcoin’s emergence supra nan 200-day moving mean puts BTC successful a “good position”

Bitcoin’s ongoing recovery accelerated connected Sept. 26 backed by liking complaint cuts successful China and nan cognition that nan US would negociate a 'soft landing' connected inflation. China’s latest stimulus push and nan upcoming US predetermination are besides being viewed arsenic reasons for Bitcoin’s value rally. 

Bitcoin analysts, meanwhile, saw nan request for nan value to nutrient a decisive adjacent supra nan regular 200 moving mean (MA), presently astatine $63,855, to unafraid nan uptrend.

“#Bitcoin’s marketplace building has flipped backmost to bullish connected nan regular timeframe” and is “also trading backmost supra nan Daily 200MA,” declared celebrated trader Crypto Daan Trades successful a Sept. 26 X post.

“I do want to spot nan regular adjacent supra this level to afloat corroborate nan breakout.”BTC/USD regular chart. Source: Daan Crypto Trades

Popular trader and expert Rekt Capital explained successful 1 of his latest study posts connected X that Bitcoin is successful a “good position correct now,” pinch conscionable 4 to 5 days to spell earlier breaking retired of its 2024 post-halving reaccumulation range, drafting from nan 2016 and 2020 cycles.

BTC/USD play chart. Source: Rekt Capital

Historically, September has often been a bearish month for Bitcoin. However, Rekt Capital believes that nan latest betterment successful BTC value could make September a “fake-breakdown period aft all.”

“Bitcoin is presently +9% up this September, making it nan champion September of each clip for Bitcoin.”

“I was told September is historically a bearish month,” Pseudonymous trader Honey asked their 118,000 X followers, adding, “Why are we astatine 65K?”

Related: Bitcoin $73.7K breakout ‘imminent,’ sell-off strength ‘might vary’ — Analyst

Traders judge $65,000 must go support

Meanwhile, MN Capital laminitis Michael van de Popple sees Bitcoin’s reclamation of support astatine $65,000 arsenic important for its emergence to caller all-time highs.

“#Bitcoin is astir to break $65,000 and get nan show going toward a caller ATH.”

Popular trader Skew explained that Bitcoin’s intra-day precocious of $65,851 connected Sept. 26 painted a “nice” higher precocious that is important for really BTC’s marketplace building develops successful nan short term. 

Source: Skew

The liquidation heatmap from Coinglass showed liquidity orders massing connected either broadside of nan $65,000 level crossed speech bid books, reinforcing its value to traders.

BTC liquidation heatmap (screenshot). Source: CoinGlass

This article does not incorporate finance proposal aliases recommendations. Every finance and trading move involves risk, and readers should behaviour their ain investigation erstwhile making a decision.