Bitcoin (BTC) is currently testing a key resistance level at $65,000 that is “crucial” for market sentiment, according to a recent report published by Kraken on September 26.
The report notes that Bitcoin has reclaimed all of its major moving averages, which could lead to continued bullish momentum in the coming days. He added that recent price action shows tight consolidation near the $65,000 zone, with trading patterns indicating a state of market indecision at this critical level.
However, the report highlights that a daily close above $65,000 is necessary to confirm bullish momentum and pave the way to higher levels. If this fails, a retracement could be triggered, taking Bitcoin back to the $60,000 area to retest it as a major support zone.
At press time, BTC was trading at $64,925 after failing to hold $65,000 due to downward pressure over the past few hours, based on CryptoSlate data.
Mixed Altcoin Performance
Ethereum (ETH) is also benefiting from the momentum following the drop in interest rates in the United States and has surpassed the downward trend in its relative strength index (RSI), which began on March 11.
Kraken analysts suggested that this was a sign of a potential move higher, with the $2,813 price target being the next resistance to watch. Nonetheless, ETH price is still below its 200-day EMA at $2,882, keeping Ethereum in a neutral to bearish position for the long term.
Meanwhile, Solana (SOL) has been stuck in a range between $115 and $163 since August and needs to close above the high to confirm the bullish momentum. At press time, SOL was trading at around $155.8.
Bitcoin’s daily close above $65,000 is ‘crucial’ to start an upward move – Kraken appeared first on CryptoSlate.
