Bitcoin Forms a Doji Bar at $65,000 as Dominance Falls: What’s Next for BTC?
Bitcoin is steady at press time. While the uptrend is clear, there is a doji bar at around August highs. BTC bulls need to break $65,000
Bitcoin is firm but lower at press time. The September 23 bar ended up as a doji, closing with long upper and lower wicks. This shows that the market is balanced, with bulls and bears competing for dominance. Technically, the uptrend, at least in the short term, remains. Every low above the local support, above $60,000, may offer entries for aggressive traders angling for $70,000 or better in the coming days. As it is, traders are cautiously optimistic, aware that a close above $66,000 may open up more entries for buyers targeting all-time highs.
Traders are bullish but price action remains flat at press time. Over the last day, the coin is stable, adding nearly 9% over the past week. At the same time, trading volume is decent, printing $27 billion over the previous day. If prices tick higher, engagement will also follow, pushing the world’s most valuable coin to new Q3 2024 levels.
The following Bitcoin news events are worth monitoring:
- Bitcoin’s dominance, one analyst thinks, is topping out. At spot rates, BTC commands a market share of over 56%, down slightly from 57% registered last week. If this is the case, it could signal the start of the altcoin season.
- One analyst on X believes for the uptrend to continue, there is another possibility of the world’s most valuable coin pulling back below $60,000. This retracement will provide the base of a swing higher, above $74,000, to fresh all-time highs.
Bitcoin Price Analysis
BTC/USD is steady when writing, looking at the formation in the daily chart.
Even though the uptrend remains, the coin is in a tight spot.
Bitcoin is back at the August resistance level.
Therefore, for bulls to continue marching higher, they must convincingly close the $65,000 to $66,000 resistance. Ideally, this breakout must be with rising volume.
In that event, BTC could soar, rising to as high as $70,000.
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