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Bullish Bitcoin traders are making progress by attempting to retake the 200-day moving average, but a close above $66,000 could kickstart a rally to BTC’s all-time high.
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Bitcoin (BTC) traders are attempting to push the price through the current resistance cluster to hit a 2-month high above $66,000.
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.
BTC/USD at Coinbase. 1-hour chart: TRDR.io
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 close above $65,000 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.
BTC/USDT 1-day chart. Source: TradingView
BTC/USDT liquidation maps (Binance top), all exchanges (bottom). Source: Coinglass
Related: $70K next for Bitcoin? China joins Fed in ‘huge macro event’
This article first appeared at Cointelegraph.com News
