Price Analysis

Bitcoin Tests Resistance At $65,500

After the Bitcoin news of blockchain surpassing 1 billion transactions, the BTC tried placing itself above the resistance level of $65500 but could not hold for long. This attempt by the bulls developed a solid upside momentum in this pivotal moment. 

Other altcoins like Ethereum retested the $3168 and did not settle above $3200. Solana(SOL) breaks a sideways pattern to surge above the resistance level of $149.01 forming a bullish momentum.

The crypto market looks like standing at the foothill for Bitcoin to break the $66000 zone and seed a strong upside moment. The RSI remains moderate with enough room for any additional upward trend if any boost occurs. 

Interestingly Bitcoin(BTC) finds new strong support at $64000, there is one more right behind it at $63,730. In case if Bitcoin slides this support too, it will itself in the next support near SMA20 of $63,366. Any slip below this will drive BTC to the support near $63000. 

But, one more test resistance near SMA 50 of $66,000 will attract more speculative buyers and trend traders. This uptrend will further lead to testing resistance levels. 

Watch out the $60,000 level closely 

It looks like the whales are eyeing a big rally again. The recent whale’s accumulation of Bitcoin has increased, and wallets with more than 100 BTC have resumed the process. Build a solid position for Bitcoin and wave off the liquidation fear a,ong crypto holders. 

Yet there a other metrics in contrast with the Whale strength like the Spot bitcoin ETF have seen a surge in withdrawal of up to $850 mullions. 

The traders are strongly recommended to watch out for the $60K mark, as the price slumping below this can lead to liquidation of $700 million on Long position on different exchanges.

SOURCE

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