Bitcoin (BTC) Aims for $66,000 as Traders Push Through Resistance
Bitcoin (BTC) is making waves in the cryptocurrency market as traders attempt to push its price through the current resistance cluster to
Bitcoin (BTC) is making waves in the cryptocurrency market as traders attempt to push its price through the current resistance cluster to hit a 2-month high above $66,000. As of today, BTC is trading at $64,254, showcasing the ongoing bullish sentiment in the market.
Bitcoin’s Market Dynamics
To achieve this ambitious target, the market needs to see either an uptick in spot volumes or futures open interest, with leveraged longs piling in to break through a substantial wall of asks at $65,000. According to charts from TRDR.io, significant ask orders are concentrated at $66,000, $67,900, and $70,000.
From a technical perspective, recapturing the 200-day Moving Average ($64,000) as support and trading above the channel resistance would be viewed as significant progress. This could potentially give bulls the opportunity to break the pattern of lower highs by securing a weekly candle close above $65,000 by September 29.
TRDR.io founder DK commented on the intra-day price action, stating, “Spot is chasing it up, and perps are pulling asks.” This suggests a dynamic interplay between spot and derivatives markets driving the current price movement.
Bullish Outlook
Optimism about Bitcoin’s future remains strong, with some analysts forecasting a massive price increase for the pioneer cryptocurrency. One prominent crypto analyst, Luke Broyles, has projected that Bitcoin could reach $100,000 by 2025, primarily due to inflationary pressures.
Broyles argues that even if Bitcoin surges to new levels around $65,000 in the near term, it would not have the same purchasing power as its 2021 all-time high of $69,000, which he calculates would be equivalent to $83,000 in today’s market when adjusted for inflation.
Market Cycle Analysis
Broyles also provided insights into the current status of the Bitcoin bull market:
- The market cycle is approximately halfway through
- 40% of potential returns have been achieved
- Market sentiment has only developed by 10%
- Fear Of Missing Out (FOMO) has barely begun, at just 5%
Another analyst, Ali Martinez, has made an even more bullish prediction, suggesting that if Bitcoin’s Long Term Power Law holds true, the next market peak could reach as high as $400,000.
BTC/USD Short-Term Technical Outlook
In the immediate term, Bitcoin is trading above $63,800 and the 100-hour Simple Moving Average. The price recently broke above a short-term contracting triangle with resistance at $63,750 on the hourly chart.
Key levels to watch:
- Resistance: $64,750, $65,000, $65,500
- Support: $63,750, $62,500
If Bitcoin can break above the $64,750 resistance zone and clear $65,000, it could pave the way for further gains. However, failure to breach these levels could lead to a retest of lower support areas.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals