Bitcoin Rallies Again: Can It Break Through the $65,050 Resistance?BTC/USD has consolidated above $63,500, with bulls pushing hard to break the $65,050 resistance. This would mark a formal end to the current downtrend and could be the first step towards new all-time highs, potentially signaling the top of a bullish flag pattern
Bitcoin Rallies Again: Can It Break Through the $65,050 Resistance?
BTC/USD has consolidated above $63,500, with bulls pushing hard to break the $65,050 resistance. This would mark a formal end to the current downtrend and could be the first step towards new all-time highs, potentially signaling the top of a bullish flag pattern.
Bitcoin briefly dipped below the rising channel in the past few trading days, but bulls quickly fought back, driving the price back within the channel and now attempting to break through the $63,600 resistance. If successful, the higher high at $65,050 will be the next target.
Technical indicators are also suggesting a bullish momentum. The short-term stochastic RSI indicator is showing bullish divergence, while the 8-hour and 12-hour stochastic RSI indicators are approaching oversold levels, poised for a bullish breakout, signaling an upward trajectory.
The weekly chart also signals optimism. BTC price is steadily moving towards the top of a bullish flag pattern, currently supported by resistance (blue line). The Relative Strength Index (RSI) is showing potential for a breakout, which, if successful, is expected to reverse the trend. The weekly Stochastic RSI indicator is also showing strong upward momentum, both indicators will be confirmed with the Sunday close.
It's important to remember that Bitcoin is highly sensitive to global liquidity changes and can be seen as a barometer for global liquidity. As central banks continue to lower interest rates and inject liquidity, Bitcoin could be a major beneficiary, leading the charge with significant gains.
Renowned investor Stan Druckenmiller famously said, "Liquidity drives markets." If his theory is correct, then Bitcoin could see even greater upside potential as global liquidity keeps rising.
Currently, the market awaits keenly to see if BTC can break through the $65,050 resistance level, which will be a crucial determinant of its future path. If successful, Bitcoin is expected to continue its upward journey, eventually surpassing its all-time high.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
