Bitcoin has finally surged past the $65,000 mark after months of struggle, marking a significant milestone for the largest cryptocurrency. This rise comes after a long effort to reclaim this level since its decline at the end of July. The sudden price movement has triggered millions in liquidations, but investors have reason to celebrate, as 93% are now in profit. However, speculation remains—could this be the start of a bull rally or just a trap?
Let’s explore the current market situation.
Currently trading at $67,126, Bitcoin has confirmed support at the upper level of a parallel channel. The cryptocurrency has been moving downward within this channel since March 2024. As noted in our analysis on October 14, the channel’s median successfully prevented further price drops, serving as a crucial point for Bitcoin’s rebound.
Additionally, another trendline established in March provided secondary support, ultimately pushing the price to $65,300, where it found solid footing. Right now, Bitcoin faces resistance at $67,000, which is an old all-time high.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators support this price rise. However, the MACD histogram shows a decrease in bullish momentum, suggesting that the price might retrace to $65,300 before any further upward movement.
The overall sentiment in the crypto market is currently bullish, with the sentiment index recorded at 73, up from 65 just yesterday. This shift indicates a significant improvement in market confidence over the past 24 hours. In the last two days, Bitcoin has surged approximately 8.45%, with the RSI climbing from 55 to 73.16.
In the past 24 hours, the crypto market has seen 93,400 traders liquidated, resulting in a staggering $303.04 million in losses due to sudden price movements. Notably, $50.05 million worth of trades were wiped out in the last 12 hours, showing that most of the damage occurred between 24 and 12 hours ago.
As of now, the long-to-short ratio stands at 1.1683, indicating a prevailing optimism among long traders. Of all open Bitcoin trades, 53% are long positions, while 46% are short.
Despite the excitement around this price surge, caution is necessary. When the market becomes overly optimistic, it often creates opportunities for market makers to reverse trends and make significant profits.
While everyone in the crypto community eagerly anticipates Bitcoin’s rise to new all-time highs, you must always be cautious!
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