Dissecting the latest Bitcoin rally as price targets key resistance level at $65,000. Will profit-taking dominate?
Bitcoin is now entering a vital level which will determine if this could be the start of the next major bullish wave.delivered an impressive bullish charge in the last two weeks. Just the other day, the cryptocurrency struggled to sum up enough momentum for a sustained uptrend, or push well above the $60,000 price range.
With only 10 days remaining in September, Bitcoin is on track to close the month in the green if it can sustain current levels. However, will likely experience some resistance ahead, if it pushes into the next major resistance zone at $65,000.BTC’s price swings between March and the present have formed a bullish flag pattern. If it follows the pattern, then that means a bullish breakout will eventually take place. Now seems like an ideal time for that breakout.
Net longs dipped sharply in the last 24 hours, indicating lower confidence in Bitcoin’s potential upside in the near-term.
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