Bitcoin reclaims $65K – What BTC needs to hit $74K next
The post Bitcoin reclaims $65K – What BTC needs to hit $74K next appeared on BitcoinEthereumNews.com.
Bitcoin has reclaimed a key resistance of $65K, generating enthusiasm in the market. However, this may not yet confirm a bull market. At present, Bitcoin [BTC] has indeed reclaimed the $65K resistance, which is a positive sign, but it’s not yet a full confirmation of a bull market. In past bull markets, levels like this often represent psychological barriers. Breaking $65K is significant, as it marks the reclaiming of a key historical resistance. However, simply breaking it isn’t enough. Further steps are required to confirm a bull run to $74K. Why is $65K a psychological barrier for Bitcoin Historically, whenever a key resistance is tested, it indicates strong buying pressure, often represented by the RSI reaching overbought conditions. Psychologically, this can make traders cautious. A rapid move to $66K could raise concerns about overextension, increasing the risk of a sharper correction later. For instance, when BTC hit its ATH of $73K in March, the RSI remained above 70 for over a month, signaling an impending pullback, which eventually caused BTC to retrace back to $61K. According to AMBCrypto, to maintain a consistent bull run, Bitcoin must hold above $66K and ideally continue upward or pull back to $61K for a healthy retest. Source : Coinalyze Currently, the RSI is mirroring historical retracement points when BTC reclaimed key resistance levels. Traders may become wary and start taking profits, anticipating a potential correction. In short, without a pullback, Bitcoin’s price could quickly become overextended. Therefore, Retracement might be needed next Per AMBCrypto, a retracement to $61K would help confirm that the previous resistance at $65K has successfully flipped to support. In simple terms, this would give bulls a chance to demonstrate their strength by defending this support level. If this trend holds, it might attract more buyers looking to enter the market…
Filed under: News - @ September 27, 2024 6:21 pm