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Bitcoin is closing in on $65K resistance as it holds above the $61.3K 21-week EMA for two weeks. Market indicators signal positive momentum, but traders should watch for potential consolidation soon. Bitcoin [BTC] is approaching a crucial weekly close as it trades at $64,503, showing a 2.53% price increase in the last 24 hours.  Crypto analyst Rekt Capital noted that BTC is on the verge of closing above the 21-week Exponential Moving Average (EMA) of $61,360 for the second consecutive week, which could signal continued bullish momentum. Holding above this level could confirm a stronger uptrend for Bitcoin. Source: X In addition to the 21-week EMA, BTC is also nearing a close well above a major downtrend line after retesting this level twice in the past two weeks. Traders are waiting for Bitcoin to sustain its position above both these key indicators, which may allow bulls to push the price further towards the $65,000 resistance zone. Key support and resistance levels for Bitcoin Support around the $61,360 mark, which corresponds with the 21-week EMA, is considered a vital level for Bitcoin. If Bitcoin closes above this support, it could indicate a sustained move higher, consolidating its bullish trend.  On the other hand, resistance around $65,000 is expected to be the next key barrier for Bitcoin.  This area has historically been a tough level to break, but with growing bullish sentiment, a breakout above $65,000 could pave the way for higher price targets in the coming weeks. Market indicators suggest positive momentum The daily chart of BTC/USDT shows Bitcoin trading between the upper and lower Bollinger Bands, with the latest price action touching the middle band. This is seen as a sign that the uptrend could continue, especially if the price breaks above the upper Bollinger Band in the next few…

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Filed under: News - @ October 14, 2024 6:21 pm