BTC Price Eyes Below $65k Barrier As Metric Hints Bitcoin To ‘Rip’
Bitcoin (BTC) surged to multi-day highs on October 12th, mimicking last weekend's dubious rally.
BTC/USD 1-Hour Chart. Source: TradingView
BTC price resistance below key barrier
Data from Cointelegraph Markets Pro and TradingView showed BTC price action nearing $63,500, up 1.5% on the day – showing similar behavior from the weekend before.
BTC/USD showed strong growth during October 11 Wall Street trading after testing the $60,000 support for several weeks.
In an attempt to catch up with US equities, Bitcoin fended off fresh US inflation, even as markets cut bets on the rate of future interest rate cuts.
In his 4-hour coverage on X, popular trader Skew wrote, “The initial low has been cleared and there is a natural reversal that is clearly not going to break.”
Skew flagged relative strength index (RSI) above 50 and interest points – key prerequisites for “moving up”.
“Monthly and weekly open are always critical so they're very important to buyers to redeem $65K for another shot,” he concluded.
BTC/USDT 4-Hour Chart. Source: Skew/X
The monthly and weekly open levels correspond to $62,850 and $63,330, respectively, making the current spot price area a key battleground.
Analyzing the liquidity of the exchange's order book, Trading Resources Material Indicators added two more nearby BTC price targets below $65,000.
“FireCharts shows Bitcoin support piling up above $63k, and it looks like bulls are looking to challenge the 200-day moving average,” he told X followers.
“If they succeed in clearing the 200-day MA, they will attempt to turn technical resistance at the 2021 mid-cycle high at $64.9k R/S.”
BTC/USDT order book liquidity for Binance. Source: Materials Indicators/X
Despite the tight reliability of the weekend's BTC price gains, trader, analyst and entrepreneur Michael van de Pop expects bullish momentum to continue next week.
“Bitcoin took the liquidity below $59.5k and ran fast,” he summarized.
“Probably a few days of consolidation, ramping up significantly before next week. The 64k/$65k breakout is the big clue we need before new ATH tests and Altcoin runs happen.
BTC/USDT 6-Hour Chart. Source: Michael van de Popp/Ex
Stablecoin market value raises the prospect of a Bitcoin bull run
An equally optimistic prediction came from Bitcoin analytics account Bitcoindata21, who uploaded a benchmark that appeared to replicate bull market behavior.
RELATED: BTC Price Gets ‘On The Horizon' As Bitcoin Whales Buy 1.5M BTC – Analysis
The overall market value of the major US dollar-stable coin against Bitcoin looks ripe for a move lower after spending months in a consolidating phase, according to a chart posted on X.
“These trend lines are very clean,” the comment section said.
“Once the purple line breaks down, bitcoin is about to break. Then wait for the downtrend to reverse (see yellow trend channels)…that's when the top comes in!”
Stablecoin vs. Bitcoin market value. Source: Bitcoindata21/X
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.
