Bitcoin traders now agree that the ‘key’ to hitting $65K is BTC price resistance
Bitcoin (BTC) traded lower at the September 20 Wall Street open along with US stocks as risk assets took a break from macro-accommodation.
BTC/USD 1-Hour Chart. Source: TradingView
Bitcoin price “looks strong” on a weekly basis
Data from Cointelegraph Markets Pro and TradingView showed that BTC price action is coming full circle after hitting a new three-week high of $64,121 from the daily open.
The S&P 500 hit a new all-time high on the back of a jumbo interest rate cut by the Federal Reserve on September 18, along with the Nasdaq 100.
S&P 500 vs BTC/USD 1 day chart. Source: TradingView
Gold sees room for further gains, up 1% as of this writing.
In response, prominent Bitcoin analysts were surprisingly upbeat about the market's prospects.
“Lots of continuation signs here,” writes Trader Roman on X.
Price action appears to be muted as we adjust/create volatility to break 65k resistance. No bear divs or anything of that nature. We should see it move sideways in the next few days.
BTC/USDT 4-hour chart Relative Strength Index (RSI) data. Source: Roman/Ex
Affiliate trader Daan Crypto Trades agreed on the significance of the $65,000 mark, while Cointelegraph also reported its status as a liquid magnet.
“The key level is $65K,” he told X's followers.
“This is a significant level in terms of liquidity, and also indicates a breakdown of the market structure. It will make a new high after the high low since the August dump.
The accompanying chart shows order book liquidity data for the BTC/USDT perpetual swap pair on Binance tracked from asset CoinGlass.
BTC/USDT liquid temperature chart. Source: Daan Crypto Trades/X
“So far, we've only seen low highs every week,” continued the popular X label Creed in part of its latest content.
“Locally, this is the last stand for the bears i.e. if the lows are correct + the last logical place to be close to correct. A $64k+ weekly close, ideally sensitive, suggests a breakout (first in a while) in the market structure.
Binance demand sends Coinbase premium negative
Analyzing the buyer's appetite for BTC, meanwhile, onchain analysis platform CryptoQuant Binance revealed that American exchange Coinbase is leading.
Related: Why Is Bitcoin Price Rising Today?
Coinbase's so-called premium – the difference in the exchange's BTC price – saw a “large negative value” on the day.
“In other words, during the current uptrend, the negative Coinbase premium suggests that there is strong buying pressure on Binance, even though the price of Bitcoin is not declining,” contributor Avocado_onchain wrote in a Quicktake blog post.
“Buying pressure will need to expand beyond the US to see a significant increase in Bitcoin prices, driven by FOMO (fear of missing out) in global markets.”
Coinbase Premium Chart (Screenshot). Source: CryptoQuant
The post concluded that the trend was “overwhelmingly positive”.
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