Bitcoin: Another Run at Major $66,000 Resistance? for BINANCE:BTCUSDT by DukesMarketAnalysis
Bulls Push Back Towards Resistance Bitcoin is making another push higher after rebounding from the $62,535 secondary low. Increased buying volume has accompanied the recovery, with price also moving back above the 100/50-Period EMAs. Repeated Tests Around $65,500-$65,800 The $65,500-$65,800 area has attracted sellers on multiple occasions over the past three weeks. Repeated tests show just how important this region has become as bulls attempt to push towards the larger resistance …
Bulls Push Back Towards ResistanceBitcoin is making another push higher after rebounding from the $62,535 secondary low. Increased buying volume has accompanied the recovery, with price also moving back above the 100/50-Period EMAs. Repeated Tests Around $65,500-$65,800The $65,500-$65,800 area has attracted sellers on multiple occasions over the past three weeks. Repeated tests show just how important this region has become as bulls attempt to push towards the larger resistance above. $66,000 Remains the Bigger ObstacleThe more significant hurdle remains around $66,000, an important area of weekly resistance. A convincing weekly reclaim would strengthen the bullish case considerably and suggest that sellers are finally losing control of this level. Momentum Becoming StretchedBuying volume has increased during the latest move, which is encouraging for bulls. However, RSI and StochRSI are both overbought, raising the possibility of another short-term rejection as price approaches resistance. Sellers May Look to DistributeAnother test of $66,000 could provide sellers with an opportunity to distribute into strength. Until bulls convincingly reclaim the level, the possibility of another rejection and pullback should not be discounted. In SummaryBitcoin is making another push towards the $65,500-$65,800 resistance area, with increased buying volume supporting the latest recovery. However, the bigger test remains around $66,000, where significant weekly resistance sits just above. A convincing weekly reclaim would strengthen the bullish case considerably. Until then, sellers could use another test to distribute into strength, particularly with RSI and StochRSI already overbought following the recent move higher. I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. Chart PatternsTechnical IndicatorsTrend AnalysisDisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use. Chart PatternsTechnical IndicatorsTrend AnalysisI analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.