Bitcoin Breaks Above $64,000 Resistance, Can It Break Out?Bitcoin is attempting to break out of a descending parallel channel it has been stuck in for months. After a prolonged struggle, Bitcoins price has finally climbed above $61,000 once again
Bitcoin Breaks Above $64,000 Resistance, Can It Break Out?
Bitcoin is attempting to break out of a descending parallel channel it has been stuck in for months. After a prolonged struggle, Bitcoins price has finally climbed above $61,000 once again. In the last 24 hours, the price surged by 3.58% to reach $64,280, but was quickly rejected by the resistance zone and started falling. This article will explore what happened in the market over the last few hours and what to expect moving forward.
Bitcoin Trapped in Parallel Channel
The parallel channel that started in the second week of March this year has been hindering Bitcoin's breakout, causing BTC to trend downwards overall. Currently, the price is sitting at $63,905, attempting to overcome the resistance pressure of the $64,000 area.
The media of the parallel channel has prevented Bitcoin from breaking below $60,000 and provided it with the necessary support. The most immediate support level is another trendline, also beginning in March. This recent active trend support is also solidified with the existence of the 100 moving average at the same location.
Other Market Indicators
From other technical indicators, we can see support for Bitcoin's price increase. The RSI has jumped from 30 points on October 10th to 63.74 points, indicating waning buyer strength. The MACD histogram has started to fill with green again, showing the possibility of investors and traders supporting the price increase. The MACD line is about to cross the signal line but pulled back and started to rise again.
Liquidation Zones and Data
The sudden surge in Bitcoin's price resulted in the liquidation of 54,630 traders, causing approximately $167 million in trades to be wiped out. Most importantly, the large-scale liquidations happened in the last 12 hours, resulting in $107.6 million worth of traders going bust. Most of the liquidations happened to short-sellers.
What to Expect?
From the chart and other market indicators, it is evident that Bitcoin is attempting to break above the $64,000 resistance level. This event, which happened at the open of the week, is a good sign that might lead the market to break above $67,000 before the weekend. However, the possibility of rejection is high, which could lead to a price drop back down to $62,000. Everything now depends on investor action to support the price.
Conclusion
Bitcoin is currently facing a crucial test in its attempt to break above the $64,000 resistance level. While there are some positive signs, the market remains uncertain. The future direction will depend on investor actions and the overall market sentiment. Investors need to closely monitor market dynamics and make informed investment decisions.
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