- Bitcoin traders now agree that $65,000 is the key resistance level for BTC price to beat.
- Binance is leading the buying pressure for Bitcoin compared to Coinbase, as indicated by the negative Coinbase premium.
- Popular analysts and traders are bullish on Bitcoin’s prospects, expecting consolidation before another breakout towards the $65,000 resistance level.
Bitcoin is continuing its upward trajectory, though some consolidation may happen before tackling major resistance levels. Traders generally agree that surpassing the $65,000 mark is crucial for maintaining a bullish structure.
BTC Price Action Remains Strong
After briefly retreating in sync with US equities at the Sept. 20 Wall Street open, Bitcoin swiftly recovered to erase losses. At the time of writing, BTC is trading above $63,000. Meanwhile, the S&P 500 set a new all-time high last week after a Federal Reserve interest rate cut.
Popular Bitcoin commentators remain upbeat about the market’s prospects. Price action is looking bullish with low volume as BTC consolidates and forms volatility to break the $65,000 resistance level. There are no bearish divergences or other warning signs. Sideways movement is expected over the next few days.
$65,000 Represents Liquidity and Bullish Breakout Potential
The $65,000 mark holds importance both as a liquidity zone and a potential bullish breakout level. Surpassing it would signal a bullish market structure shift with a higher high following the recent higher low after August’s dump. According to liquidation data, $65,000 represents a key area of open interest for BTC futures contracts.
Closing above $65,000, especially with an impulsive weekly close, would suggest breaking the series of lower highs seen on the weekly chart so far. This would invalidate the bears’ last stand.
Binance Leads Buying Pressure
On-chain data shows Binance currently leading US exchange Coinbase in buyer demand. The Coinbase premium has turned negative during the latest uptrend, indicating strong buying pressure on Binance. For Bitcoin’s price to see significant gains, this demand needs to expand beyond the US market across the globe.
Conclusion
With strong technicals and on-chain signals, Bitcoin looks poised to tackle the $65,000 resistance level. Sustained buying pressure and conviction from global markets could provide the final boost for a new all-time high. But some consolidation around current levels may come first before any bullish breakout attempt.
