Bitcoin bulls are making their way to $66K, but will they?

Bitcoin (BTC) traders are trying to push the price through the current defensive cluster at the 2-month high of $66,000.

To avoid this, the market must either pile into the $65,000 thick wall of ask or see future open interest.

As shown in the chart above, the questions are at $66,000, $67,900 and $70,000, but emotionally, retrieving the 200-MA ($64,000) is seen as support and trade above the resistance of the channel. This gives the bulls an opportunity to begin breaking the low highs by placing a weekly candle above $65,000 on September 29.

Such a move could prompt the flow of short traders in the $64,200-$65,000 range and the price could resist the long-term downtrend line at $66,200.

TRDR.io founder DK shared the following charts when asked about intraday price action.

“Spot is chasing him, and the perps are pulling him over,” he asks.

Related: $70K Next Bitcoin? China joins Fed in ‘huge macro event'

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.