Bitcoin Traders Aim For 2-Month High Amid Resistance

According to Cointelegraph, Bitcoin (BTC) traders are striving to push the cryptocurrency's price through a significant resistance cluster to achieve a two-month high above $66,000. To accomplish this, the market needs to witness either an increase in spot volumes or a rise in futures open interest, where leveraged longs could help break through a substantial wall of asks at $65,000. The current asks are notably strong at $66,000, $67,900, and $70,000. However, sentiment-wise, reclaiming the 200-MA at $64,000 as support and trading above the channel resistance would be seen as progress. This would provide bulls with the opportunity to start breaking the pattern of lower highs by securing a weekly candle close above $65,000 by September 29. Such a move could potentially accelerate the liquidation of short traders in the $64,200 to $65,000 range and push the price towards the long-term descending trendline resistance at $66,200. 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.