Bitcoin stayed above $64,000 over the weekend and climbed to just over $65,000 on Monday, a range analyst Doctor Profit calls a crucial buying zone because the 200-week moving average runs through its lower end. He is targeting an average entry between $54,000 and $64,000 rather than a single bottom price. A separate trader says the current rebound could determine whether the recent bullish pattern remains intact.
Crypto analyst Doctor Profit has identified the area as a crucial buying zone after Bitcoin stayed above $64,000 through the weekend and climbed to just over $65,000 on Monday. He outlined the most significant range, strengthened by the 200-week moving average running through its lower end.
Why the weekly MA200 anchors the range
Bitcoin has tested this area multiple times, and previous market cycles show that buying at or near the weekly MA200 has historically been profitable. That confluence has remained the foundation of his outlook since his earlier market pivot call.
Rather than trying to identify the exact bottom, the analyst centers his strategy on accumulating within a defined price range. The focus falls on establishing an average entry between $54,000 and $64,000 instead of waiting for Bitcoin to print its absolute low.
An accumulation phase measured in months
He added that even if BTC bottomed near $54,000, achieving a long-term average entry around $58,000 would still be what he called a phenomenal entry. Doctor Profit framed the approach as building an average rather than timing the low: “I am not here to gamble on one perfect number.”
The analyst described the current phase as mid-term accumulation. That period could take one to two months before its results become clear.
Fed meeting shapes the macro backdrop
This week’s Federal Reserve policy meeting is an important macro event for financial markets. Market expectations currently imply a 65% probability of interest rates remaining unchanged and a 35% chance of a rate hike. Expectations for a September hike have climbed above 80%, which the analyst said indicates growing caution among investors.
The $67,000 test
Crypto trader Ardi said the current rebound could determine whether the recent bullish pattern remains intact. Every pullback within the recent trading range has followed the same sequence, he noted: a deep retracement, a full recovery, then a higher high.
As examples, he pointed to moves from $61,400 to $65,000 before a retracement to $61,700, and from $61,700 to $65,500 before a pullback to $62,400. Despite both rallies being almost completely retraced, Bitcoin recovered each time and eventually reached $67,000 last week.
If BTC fails to reclaim that local peak, Ardi said, it would be the first real sign that the pattern is breaking and that bullish momentum is being absorbed by bears. But if it repeats the same behavior and breaks above $67,000, the trader said the bearish signal around that level would no longer be valid, which could open the door for a larger expansion toward the $69,000-$70,000 range.
Source: CryptoPotato
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