Bitcoin Held Below $65,000 as cbBTC Trading Volume Spikes: What’s next for BTC?
Bitcoin is flat at press time, unable to break the $65,000 and $66,000 resistance zone. Although sentiment is bullish, supporting buyers, the inability of the coin to print higher highs is a concern. As things stand, the path of least resistance, in the short-term, remains northwards. However, for this preview to hold and the trend to strengthen, prices must not only stay above $60,000, but buyers must also decisively break $66,000. Preferably, the leg up must be with rising trading volume, signaling participation.
Traders are confident, but the last day’s lull means engagement is suffering. So far, coin trackers show that Bitcoin is steady in the past 24 hours but up nearly 3% over the previous trading week. At the same time, the average trading volume is low but decent, standing at over $24 billion.
The following Bitcoin news events might influence price action:
- Considering MicroStrategy’s performance since its decision to accumulate BTC, buying Bitcoin could be the best strategic asset for public companies. The coin is up by over 230% over the last year but MicroStrategy shares are up by over 6.5X.
- Less than two weeks after their launch, cbBTC represents nearly 50% of all wrapped Bitcoin volume transfers. The token is now more popular than wBTC.
Bitcoin Price Analysis
BTC/USD is steady and bullish at press time.
Even though the uptrend remains, buyers have been shaky.
The momentum (and volatility) is waning since bull bars are diverging from the upper BB.
Looking at the daily chart, there could be more opportunities to explore if there is a decisive, high volume close above $66,000.
Aggressive traders can still consider longs on dips as long as prices remain above $60,000.
On the other hand, conservative, risk-off traders can wait for a clean break above $70,000 before considering longs, targeting all-time highs.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals