Bitcoin needs a daily close above $63,00 to open up the road to new all-time highs, the latest analysis says. In his latest X analysis on Sept. 19, popular trader HornHairs defined some key Bitcoin (BTC) price levels for bulls to flip into support next.

As of 8 a.m. ET, the price of bitcoin, or 1 BTC, was $62,661.23. The crypto’s highest intraday price in the past year was $73,750.07 on March 14, 2024. The chart above is pulling data as of 8 a.m. ET daily and doesn’t display intraday highs or lows.

Bitcoin price is currently hovering around the $58,000 mark, however, analysts indicate that BTC could risk another downfall to $55,000.

Bitcoin’s price climbed on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.

Bitcoin’s all-time high was on March 14, 2024, trading at $73,750.07 per bitcoin. The lowest intraday price that the crypto traded in the past year was $25,781.12 on Sep. 13, 2023. The original crypto is up by 119% year over year.

Bitcoin’s price rose on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.