BTC approaches key resistance at $65K, followed by $70K
Updated
From a technical perspective, the initial resistance level for Bitcoin is at $65,000.
At the same time, many analysts expect bulls to easily break through $65,000 in the coming months, especially if Bitcoin closes September with positive momentum. Because historical data shows that in years where September is up, Bitcoin usually performs strongly in the fourth quarter.
And immediately October and November are the best months for crypto assets, so the market should look forward to entering the fourth quarter. It's very difficult psychologically to go from looking to cut gains during periods of volatility to letting winners continue to rise. In my opinion, an exact change in the BTC market structure above $65,000 is the threshold for risk appetite and shifting this bias.
As prices remain range-bound, liquidity on both the long and short sides of the exchange order book BTC/USD is strengthening, with $62,000 and $65,000 remaining key levels for traders to watch.
The bulls know where the liquidity is, and a break above the $65,000 level would create higher highs and upend the market structure. After that, the $70,000 level will be very promising, there is still a lot of liquidity in the region, we have to step by step.
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