Bitcoin

when

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) traders are attempting to push the price through the current resistance cluster to hit a 2-month high above $66,000.&nbsp;
To pull this off, the market needs to see either an uptick in spot volumes or futures open interest where leveraged longs pile in to bust through a thick wall of asks at $65,000.&nbsp;
<figure>
 <img alt="Bitcoin bulls are laying the path to $66K, but will they make it?" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192259e-b322-790a-8300-835fbed4a1c0">
 <figcaption style="text-align: center;">
 BTC/USD at Coinbase. 1-hour chart: TRDR.io
 </figcaption>
</figure>
As shown in the chart above, asks are solidly represented at $66,000, $67,900 and $70,000, but sentiment-wise, recapturing the 200-MA ($64,000) as support and trading above the channel resistance will be viewed as progress. This would give bulls the opportunity to start breaking the pattern of lower highs by securing a weekly candle <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-rally-pinned-below-65-k-hints-at-more-of-the-same-btc-price-action" rel="null" target="null" text="null" title="null">close above $65,000</a> by Sept. 29.
 Such a move could possibly accelerate the liquidation of short traders in the $64,200 to $65,000 range and bring the price to the long-term descending trendline resistance at $66,200.&nbsp;
 
<figure>
 <img alt="Bitcoin bulls are laying the path to $66K, but will they make it?" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192259f-a16a-76c9-8647-f00e7db1ed79">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart. Source: TradingView
 </figcaption>
</figure>
<figure>
 <img alt="Bitcoin bulls are laying the path to $66K, but will they make it?" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019225a0-278a-7999-8a13-b9ee18f268d8">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation maps (Binance top), all exchanges (bottom). Source: Coinglass
 </figcaption>
</figure>
When asked about the intra-day price action, TRDR.io founder DK shared the following charts and said,
<blockquote>
 “Spot is chasing it up, and perps are pulling asks.”
</blockquote>
<figure>
 <img alt="Bitcoin bulls are laying the path to $66K, but will they make it?" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019225c2-08df-7809-9e75-4d71c082d011">
 <figcaption style="text-align: center;">
 BTC/USDT order book depth. Source: <a data-ct-non-breakable="null" href="https://trdr.io/snapshot/3C9045E6927C2890.png" rel="nofollow noopener" target="_blank" text="null" title="https://trdr.io/snapshot/3C9045E6927C2890.png">TRDR.io</a>
 </figcaption>
</figure>
<figure>
 <img alt="Bitcoin bulls are laying the path to $66K, but will they make it?" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019225c6-528d-7e92-bd62-f59ce7122253">
 <figcaption style="text-align: center;">
 BTC/USDT spot order book depth. Source: <a data-ct-non-breakable="null" href="https://trdr.io/snapshot/0BEE0AE953005399.png" rel="nofollow noopener" target="_blank" text="null" title="https://trdr.io/snapshot/0BEE0AE953005399.png">TRDR.io</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/70k-next-bitcoin-china-fed-macro-event" rel="null" target="null" text="null" title="null">$70K next for Bitcoin? China joins Fed in ‘huge macro event’</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin bulls are laying the path to $66K, but will they make it?

Cointelegraph

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