Bitcoin (BTC) is currently encountering a crucial resistance level at $65,000, which plays a significant role in shaping market sentiment. This insight comes from a recent report published by Kraken on September 26.
Bullish Indicators for Bitcoin
The report highlights that Bitcoin has successfully regained all its essential moving averages, potentially signaling continued bullish momentum in the days ahead. It also notes that recent price movements indicate tight consolidation near the $65,000 mark. This pattern suggests market indecision at this pivotal level.
Daily Close Required for Confirmation
To confirm bullish momentum, a daily close above $65,000 is vital. Achieving this could open the door to higher price levels. Conversely, if Bitcoin fails to maintain this threshold, a retracement might occur, leading the price back toward the $60,000 area, which serves as a significant support zone.
As of the latest update, Bitcoin was trading at $64,925 after struggling to maintain the $65,000 level, facing downward pressure over the past few hours, according to CryptoSlate data.
Altcoin Performance Remains Mixed
In addition to Bitcoin, Ethereum (ETH) is gaining momentum following a recent US interest rate cut. It has broken above its relative strength index (RSI) downtrend that began on March 11.
Ethereum’s Upward Potential
Kraken analysts view this development as a potential signal for upward movement, with the next resistance target set at $2,813. However, Ethereum’s price remains below its 200-day exponential moving average (EMA) of $2,882, placing it in a neutral-to-bearish long-term stance.
Solana’s Range-Bound Trading
Solana (SOL) has been trading within a range of $115 to $163 since August. To confirm bullish momentum, it must close above this upper range. As of the latest update, Solana was trading at approximately $155.8.
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