Bitcoin, the top cryptocurrency by market capitalization, briefly reached the $69,000 level on the Binance exchange at 18:46 UTC.
BTC/USDT via TradingView
The cryptocurrency managed to regain the aforementioned levels for the first time since late July.
Notably, Bitcoin is already up nearly 9% during this “upover” after starting the month with a rather disappointing price performance.
Expecting a massive rise?
As pointed out by Josh Olszewicz, a prominent trader known especially for using the “Ichimoku Cloud” training strategy, there is a bullish Tenkang Criterion (TK) cross on Bitcoin’s 3-day chart, which has caused the Bitcoin price to drop. is soaring above the clouds.
When this situation emerged in the fourth quarter of 2023, it was preceded by a massive 155% rally.
Big resistance levels coming up
As reported by U.Today, Galaxy Digital head Mike Novogratz predicted that Bitcoin could soar to $100,000 this year. However, for this to happen, Novogratz said the cryptocurrency king would need to break through the $73,000 resistance level.
After Bitcoin peaked near $74,000 in March, bulls have so far made several failed attempts to gain foothold above the crucial $70,000 mark.
The bears successfully prevented the bulls from breaking through the $71,500 resistance multiple times in April, May, and June.
related
Bitcoin crashed to the $53,500 level before reaching the $70,000 level again in late July. However, this was another failure for the bull.
Now, with the US Federal Reserve (Fed) beginning to cut interest rates, the bullish momentum appears to be increasing. However, it remains to be seen whether the strength of this momentum will be enough to push Bitcoin to record highs.
