3 min readBITCOIN (BTC/USD)
Last week, I highlighted this area on Bitcoin’s daily timeframe as a key point of interest, where I was curious to see how the price would react upon reaching it. For now, it seems that the price is facing resistance at this level, which is closely linked to the $64,000.00 price point.
If you look closely, you’ll notice that we’ve broken out of this descending trendline. Typically, when the price breaks through resistance like this, it often retraces before moving higher. I’d be interested to see if we push up to around $65,000.00, which would also coincide with an “overbought” signal on the RSI, approaching 70%. For now, the support level seems to be holding, though we could see some short-term pullbacks before the price continues upward.
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