Well-known market analyst Jelle has identified a weekly breakout for Bitcoin (BTC), raising the possibility of another leg up.
This observation comes when the price action of Bitcoin is on a positive upward trend, albeit with some fluctuations. At the start of October, BTC traded for around $117,000 and gradually climbed, reaching a peak just above $126,000 on Oct. 6.
During this press, BTC is trading at $122,788, marking a notable 4.7% increase over the past week. Amid these fluctuations, an analyst on X, Jelle, has identified a positive signal.
A Weekly Breakout for Bitcoin
The analyst’s weekly chart shows that the price action has been progressively gaining value, as Bitcoin broke through previous resistance levels and sustained higher levels.
For context, after the uptrend that saw Bitcoin surge from just below $76,500 on April 9 to above $119,000 by mid-July, the firstborn crypto started facing resistance. This resistance emerged just above $119,500.
Notably, since then, Bitcoin has been respecting this resistance and testing support zones until recently, when it broke through to claim the new all-time high above $126,000 on October 6.
A breakout of this nature shows a potential shift in the market, potentially attracting more institutional and retail interest, and hence pushing the price to new highs as bulls start buying.
A Surge in Optimism and Enthusiasm
In response to Jelle’s post about Bitcoin’s weekly breakout, several commentators shared their optimism and enthusiasm.
One commenter pointed out that bullish weekly action often precedes altcoin season moves, suggesting that Bitcoin’s current upward momentum could lead to a rally for altcoins as well.
Another market observer noted that Bitcoin seems to be clearing resistance and is eyeing a fresh leg higher, expressing approval of the clean technical setup and the potential for further gains.
Meanwhile, earlier in the day, Jelle had shared a shorter-term chart for BTC, particularly in a 4-hour timeframe. In this chart, the analyst highlighted a critical moment for Bitcoin as it fell back from its all-time high, now testing resistance levels from below.
Jelle noted that if Bitcoin can quickly reclaim this resistance, it could signal the start of a strong upward move, setting the stage for a breakout to higher price levels.
However, he cautioned that if Bitcoin fails to break through this resistance, it may face a period of consolidation in the $120,000 to $124,000 range. With these critical levels in play, the coming days will be crucial in determining whether Bitcoin can maintain its bullish momentum.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
