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Kriptoteka > Crypto News > Is Bitcoin Targeting $65K After 10% Weekly Surge? Analysis
Crypto News

Is Bitcoin Targeting $65K After 10% Weekly Surge? Analysis

marcel.mihalic@gmail.com
Last updated: September 16, 2024 2:41 am
By marcel.mihalic@gmail.com 4 Min Read
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Bitcoin has recently undergone a significant bullish reversal from a pivotal support zone identified by the 0.5 and 0.618 Fibonacci levels.

BTC is edging closer to the 100-day moving average at $61.6K, where it may face considerable selling pressure, indicating a possible short-term consolidation phase.

Technical Analysis

By Shayan

The Daily Chart

A detailed analysis of Bitcoin’s daily chart indicates that following a dip toward the critical support region between the 0.5 ($56.3K) and 0.618 ($52.1K) Fibonacci levels, the asset experienced significant buying pressure, prompting a sharp rebound. This bullish momentum resulted in approximately a 15% rise toward the 100-day moving average at $61.6K, a key resistance area.

The prevailing price action suggests that buyers have re-entered the market, seeking further upward movement. However, Bitcoin is currently trading within an essential range, facing resistance at $61.6K and support within the 0.5 and 0.618 Fibonacci levels, where a brief consolidation period may occur.

The 4-Hour Chart

On the 4-hour chart, Bitcoin executed a noticeable reversal at the $53K support level, which aligns with the 0.618 Fibonacci level, sparking a consistent upward trend. The failure to create a new lower low within the $52K-$54K range reflects strong buying interest, effectively stopping the previous bearish trend. Bitcoin is currently nearing a significant resistance area around $65K, which has historically been a tough level for the price.

If buyers succeed in pushing the price above this zone, the next target will be the $70K resistance level. However, should the price face rejection at $65K, a bearish pullback toward the $52K-$54K psychological support might ensue.

On-Chain Analysis

By Shayan

The MVRV (Market Value to Realized Value) ratio serves as a widely used indicator for evaluating overall market sentiment. This ratio is calculated by dividing the market cap by the realized cap. A reading below 1 indicates that most investors are experiencing losses, a condition frequently associated with the establishment of bear market bottoms over prolonged periods.

Recently, the MVRV ratio has dipped below its 365-day moving average, a historically significant threshold that has often signified the onset of market recoveries. While this situation could present a potential opportunity for long-term investors, it’s crucial to proceed with caution.

A significant recovery is typically indicated when the MVRV ratio rises back above this key level. In prior market cycles, such an increase has often marked a turning point, leading to renewed investor confidence. Nonetheless, current conditions, characterized by heightened fear and uncertainty, imply that any recovery could take longer to materialize. Therefore, maintaining a cautious and patient approach remains essential during this time.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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