A closely followed crypto analyst is identifying a level where Bitcoin (BTC) could regain bullish momentum.
Pseudonymous trader Cheds tells his 340,100 followers on the social media platform X that Bitcoin needs to soar about 4.50% from current levels to spark new surges.
“BTC recapture of $96,000 would really kick things off.”
In a new YouTube video, Cheds explains the relevance of the $96,000 area for BTC. The trader says a move above the key price level would generate bullish momentum for Bitcoin.
“The reason I said that is from a momentum standpoint, that would signify a retest of the prior range peak and then you would be jumping back up to the top of the range and recapturing lost support where the price tried to hold initially at that first level here at $96,000.”
Although Bitcoin is dropping, Cheds says BTC is flashing a similar signal seen several times since late October when the crypto king started to rally from $60,000. Cheds notes that the reading suggests that BTC is consolidating before igniting fresh upside bursts.
“BTC one-hour [chart]: note the consolidation of price now below a rising 200 moving average, in relation to prior reversions in this broader impulse from $60,000.
This helps to put in context the current price action.”
Should Bitcoin continue to correct, Cheds says BTC’s 200 moving average on the four-hour chart may act as support.
“BTC has not tagged four-hour 200 moving average since $61,000.”
If we get a deeper retracement that will come into play.
(Blue line below).”
At time of writing, Bitcoin is trading for $92,285.
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