The post Tracing Bitcoin’s roadmap to $64,300 and what can spur this price rally appeared on BitcoinEthereumNews.com.

Bitcoin, at press time, recorded gains of almost 11% on the weekly charts Analysts are eyeing $64,300 after a possible breakout from $61,625 Bitcoin [BTC] has defied market expectations and historical patterns to turn September blue. In fact, at the time of writing, BTC was trading at $60,164. This marked a 3.94% hike on the daily charts and gains of 10.96% on the weekly charts. Prior to these gains, however, BTC was on a downward trajectory, with the crypto remaining below $60k since 29 August. And yet, despite this uptick, BTC remains over 18% below its ATH of $73,937 from March. Needless to say, Bitcoin defying history to see green in September has many analysts talking. Ali Martinez is one of them, with the popular analyst now claiming that BTC will hit $64,300 citing active addresses. What does market sentiment say? In his analysis, Martinez cited the current 1.52 million addresses holding over 770,000 BTC at a range between $59,885 and $61,625. Source: X In context, this range represents a resistance zone, one implying it is the area where many holders might choose to sell and take profits. When a huge number of addresses hold assets at specific price levels, these levels turn into resistances. This is because holders may decide to sell when the price approaches the range where they bought. Such market behavior may result in selling pressure, which slows upward momentum. However, according to the analyst, if the crypto surpasses the $61,625 resistance level, it will see further gains. This would indicate that any selling pressure at this level would be absorbed, paving the way for further price gains. In this case, the next level will be $64,300. Consequently, if the price fails to break above this resistance zone and remains below $61,625, it could cause a…

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Filed under: News - @ September 14, 2024 4:04 pm