Price Analysis View Non-AMP

Bitcoin Tests Resistance At $65,500

Published by
Zameer Attar

After the Bitcoin news of blockchain surpassing 1 billion transactions, the BTC tried placing itself above the resistance level of $65500 but could not hold for long. This attempt by the bulls developed a solid upside momentum in this pivotal moment. 

Other altcoins like Ethereum retested the $3168 and did not settle above $3200. Solana(SOL) breaks a sideways pattern to surge above the resistance level of $149.01 forming a bullish momentum.

The crypto market looks like standing at the foothill for Bitcoin to break the $66000 zone and seed a strong upside moment. The RSI remains moderate with enough room for any additional upward trend if any boost occurs. 

Interestingly Bitcoin(BTC) finds new strong support at $64000, there is one more right behind it at $63,730. In case if Bitcoin slides this support too, it will itself in the next support near SMA20 of $63,366. Any slip below this will drive BTC to the support near $63000. 

But, one more test resistance near SMA 50 of $66,000 will attract more speculative buyers and trend traders. This uptrend will further lead to testing resistance levels. 

Watch out the $60,000 level closely

It looks like the whales are eyeing a big rally again. The recent whale’s accumulation of Bitcoin has increased, and wallets with more than 100 BTC have resumed the process. Build a solid position for Bitcoin and wave off the liquidation fear a,ong crypto holders. 

Yet there a other metrics in contrast with the Whale strength like the Spot bitcoin ETF have seen a surge in withdrawal of up to $850 mullions. 

The traders are strongly recommended to watch out for the $60K mark, as the price slumping below this can lead to liquidation of $700 million on Long position on different exchanges.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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