Cryptocurrency analyst MMBT Trader revealed that Bitcoin price is once again testing a bullish channel at the level Price level $65,000. He further mentioned what market participants should expect if the flagship cryptocurrency holds above or breaks below this bullish channel.

Retesting Bitcoin’s $65,000 Price and What Might Happen Next

MMBT trader mentioned wa TradeView entry that the $65,000 support zone is currently major daily support, and market participants can expect an significant retest of the channel breakout. The analyst said that if Bitcoin’s price maintains this support, investors can expect a “heavy pump” that could lead to a novel crisis highest level ever (ATH).

However, if Bitcoin price fails to maintain the $65,000 bullish channel, such a downside break would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting the $50,000 level if it fails to stay above $65,000. Meanwhile, the outage means the flagship cryptocurrency may hesitate for some time before it makes another attempt to break its ATH of $73,000.

Analyst Recently also Justin Bennett highlighted the $65,800 range as the first test of Bitcoin’s price. He also indicated that BTC could fall to around $63,000 if it does not stay above this level. However, successfully holding a position above this price range would invalidate his trade setup.

Bitcoin’s price has been holding well above $65,000 so far since it rose again by $67,000 following a price crash two days ago. However, Bennett pointed out that BTC is not yet in the clear despite the October 23 bounce. He claimed he didn’t have any bottom confirmed as long as the flagship cryptocurrency is priced below $68,200.

BTC needs a weekly close above this level

In post X, Rekt Capital cryptocurrency analyst mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship cryptocurrency has shown promising signs so far, as it has already produced a wick below the $66,200 price level and recovered above it.

The attached chart showed that a fall in Bitcoin price below $66,200 before the weekly close could lead to a further collapse below Support level of $60,000.

Meanwhile, bear analyst CrediBULL Crypto predicted that Bitcoin price could retest the $68,000 range to “attract the last longs” before the rug is “pulled out” to the $60,000 support level. The analyst is among those who believe it is still too early to call for a novel ATH for BTC, based on his belief that the flagship cryptocurrency still needs to retest the lower range.

At the time of writing, Bitcoin is trading at around $67,000, having risen over the past 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com