Bitcoin traders now agree $65K is ‘key’ BTC price resistance to beat
2024.09.20 11:59
Bitcoin (BTC) sold off with United States equities at the Sept. 20 Wall Street open as risk assets took a break from macro-induced upside.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin price “looking bullish” into weekly close
Data from Cointelegraph Markets Pro and TradingView showed BTC price action coming full circle from the daily open after hitting new three-week highs of $64,121 on Bitstamp.
The S&P 500, which set a new all-time high on the back of a jumbo interest rate cut by the Federal Reserve on Sept. 18, also slid along with the Nasdaq 100.
S&P 500 vs. BTC/USD 1-day chart. Source: TradingView
Gold saw room for further gains, up 1% on the day at the time of writing, while BTC/USD swiftly canceled out its Wall Street dip.
Reacting, popular Bitcoin commentators were unsurprisingly upbeat about the market’s prospects.
“Lots of continuation signals here,” trader Roman wrote on X.
“Price Action looking bullish with low volume as we’re correcting / forming volatility to break 65k resistance. No bear divs or anything of that nature. Should see us move sideways next few days.”
BTC/USDT 4-hour chart with relative strength index (RSI) data. Source: Roman/X
Fellow trader Daan Crypto Trades agreed on the significance of the $65,000 mark, with Cointelegraph also reporting on its status as a liquidity magnet.
“The key level is $65K,” he told X followers.
“This is a big level in terms of liquidity as well as it would signal a bullish market structure break. As it would make for a higher high, after the recent higher low since the August dump.”
An accompanying chart featured order book liquidity data from the BTC/USDT perpetual swaps pair on Binance from monitoring resource CoinGlass.
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
“We’ve only seen lower highs on the weekly thus far,” popular X account Cred continued in part of his latest content.
“Locally, this is the bears’ last stand i.e. last reasonable area where a lower high could form if they’re right + close proximity to invalidation. $64k+ weekly close, ideally an impulsive one, would suggest a bullish break in market structure (first one in a while).”
Binance demand sends Coinbase premium negative
Analyzing buyer appetite for BTC, meanwhile, onchain analytics platform CryptoQuant noted that Binance was leading US exchange Coinbase.
Related: Why is Bitcoin price up today?
The so-called Coinbase premium — the difference in the exchange’s BTC pricing — saw a “significant negative value” on the day.
“In other words, during the current upward trend, the fact that the Coinbase Premium is negative while Bitcoin’s price isn’t falling suggests that there is strong buying pressure occurring on Binance,” contributor “Avocado_onchain” wrote in a Quicktake blog post.
“For Bitcoin’s price to see a significant increase, buying pressure needs to expand beyond the U.S., driven by FOMO (Fear of Missing Out) across global markets.”
Coinbase premium chart (screenshot). Source: CryptoQuant
The post concluded that the trend was “quite positive.”
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.
