Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel. 

Bitcoin Price Retesting $65,000 And What Could Come Next

MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if the Bitcoin price holds this support, investors can expect a “heavy pump”, which could lead to a new all-time high (ATH). 

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However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000. 

Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup. 

The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn’t yet in the clear despite the bounce on October 23. He claimed there is no confirmed bottom as long as the flagship crypto is below $68,200. 

BTC Needs A Weekly Close Above This Level

In an X post, crypto analyst Rekt Capital mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it. 

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His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level. 

Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to “bait in some final longs” before it suffers a “rug pull” to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range. 

At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to data from CoinMarketCap. 

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

Bitcoin maximalist Michael Saylor believes Bitcoin’s ecosystem should welcome everyone and every type of custodial option available.

Cryptocurrency community leaders and members criticized MicroStrategy executive chairman Michael Saylor for comments that seemingly criticized users who self-custody Bitcoin (BTC). Saylor suggested that so-called “crypto-anarchists” solely advocating against institutional safekeeping of digital assets were counterintuitive to Bitcoin’s regulatory security and mass adoption.

The comments attracted scrutiny from Bitcoin proponents like ShapeShift founder Erik Voorhees and crypto developers like Ethereum’s Vitalik Buterin. Buterin, in particular, found Saylor’s comments on custody to be “bat shit insane.”

Without publicly addressing any individual backlash, Saylor’s Oct. 23 post expressed support for the right to choose how assets like Bitcoin should be kept. The post advocated for considering and accepting all available options for BTC custody based on personal preference.

Self-custody has long been a prevailing concept in crypto circles since blockchain’s inception. The entire industry was built on declining trust in legacy institutions and a shift towards separating money from the state.

Fifteen years after Bitcoin’s launch, developments like spot BTC ETFs have ushered in a new era of holding Bitcoin. While many agree that ETFs have encouraged global adoption, calls for self-custody of Bitcoin have never faded away. 

If anything, the conversation around individual custody of assets like BTC has only increased in 2024. Maxis, a term describing believers of a single blockchain asset, relentlessly argue that decentralized crypto storage remains users’ best defense against censorship and centralized failure points.