Bitcoin bulls are laying the path to $66K, but will they make it?
2024.09.24 17:05
Bitcoin (BTC) traders are attempting to push the price through the current resistance cluster to hit a 2-month high above $66,000.
To pull this off, the market needs to see either an uptick in spot volumes or futures open interest where leveraged longs pile in to bust through a thick wall of asks at $65,000.
BTC/USD at Coinbase. 1-hour chart: TRDR.io
As shown in the chart above, asks are solidly represented at $66,000, $67,900 and $70,000, but sentiment-wise, recapturing the 200-MA ($64,000) as support and trading above the channel resistance will be viewed as progress. This would give bulls the opportunity to start breaking the pattern of lower highs by securing a weekly candle close above $65,000 by Sept. 29.
Such a move could possibly accelerate the liquidation of short traders in the $64,200 to $65,000 range and bring the price to the long-term descending trendline resistance at $66,200.
BTC/USDT 1-day chart. Source: TradingView
BTC/USDT liquidation maps (Binance top), all exchanges (bottom). Source: Coinglass
When asked about the intra-day price action, TRDR.io founder DK shared the following charts and said,
“Spot is chasing it up, and perps are pulling asks.”
BTC/USDT order book depth. Source: TRDR.io
BTC/USDT spot order book depth. Source: TRDR.io
Related: $70K next for Bitcoin? China joins Fed in ‘huge macro event’
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
