Bitcoin price coils as market confirms $65K as ‘real resistance’

Bitcoin (BTC) faced inertia at the Sept. 25 Wall Street open as overhead resistance strengthened.

BTC price “chop” may face October reckoning

Data from Cointelegraph Markets Pro and TradingView tracked a return below $64,000 for BTC/USD after the pair hit new one-month highs of $64,795 on Bitstamp.

While achieving higher lows and higher highs on hourly timeframes, BTC price action was not enough to convince traders that a major breakout could come next.

Analyzing market structure, popular trader Skew stressed that $65,000 — the site of key sell-side liquidity throughout recent days — showed no signs of crumbling.

“Price still struggling to find momentum around $65K & Monday high. Notably there’s clear passive selling around $65K which confirms market views that price as real resistance and supply,” he wrote in part of his latest post on X.

“Compounding ask liquidity as been added to $65K which means it will take high volume buying from takers as well passive buyers to auction higher.” 

Skew noted that to the downside, bid liquidity remained in place between $60,000 and $62,000.

Data from monitoring resource CoinGlass highlighted the extent of the $65,000 “wall” of ask liquidity across exchanges on the day.

“Decent amount of sell orders sitting on Binance’s spot pair. Some of it got filled earlier on these local highs,” fellow trader Daan Crypto Trades continued.

“This is right in line with the big $65K level which would signal a market structure break.”

Considering when a clear breakout from overall sideways price performance may occur, trader Jelle took 2023 as a guide.

“Last summer, Bitcoin chopped around for 219 days – finally making new highs on the 23rd of October,” he told X followers alongside a comparative chart. 

“So far, the chop has taken ±210 days, and October is about to start. New highs soon?”

Analysis: Bitcoin “will leave many people sidelined”

Optimism, meanwhile, remained for those seeking crypto and risk-asset support from emerging macroeconomic trends.

Related: RSI hints at classic BTC price breakout — 5 things to know in Bitcoin this week

An influx of liquidity thanks to central bank easing meant that perspectives for Bitcoin through year-end were conspicuously bullish.

“While there is currently a lack of idiosyncratic crypto factors driving prices, the stars are aligning in the macro environment, which could drive crypto prices higher,” trading firm QCP Capital summarized in its latest bulletin to Telegram channel subscribers. 

“We know how explosive crypto prices can be, and with so many bullish catalysts, we think the next move higher will leave many people surprised and sidelined.”

Sept. 26 was due to see US macro data releases return to the forefront, including jobless claims and Q2 GDP, followed a day later by the Personal Consumption Expenditures (PCE) index print, known as the “preferred” inflation gauge for the Federal Reserve.

Fed Chair Jerome Powell was also due to deliver prerecorded remarks at the 2024 US Treasury Market Conference at the New York Fed.

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.