3 min readBITCOIN (BTC/USD):
Bitcoin has experienced an impressive rally over the past few weeks. However, it seems to be encountering resistance around the $65,000 level. I’m curious to see if the upward momentum will continue, leading to new all-time highs, or if the price will start to cool off, potentially resulting in deeper pullbacks before resuming its climb.
Taking a closer look at the technicals reveals that we’ve broken out of the descending trend line, and if the price were to cool off and pull back, our support areas would likely align with the 50% Fibonacci level, which coincides with the key psychological level of $60,000. Examining the RSI indicator, there are no signs at the moment that the price is overbought. It will be interesting to see how the market reacts as we approach this week’s NFP announcement on Friday.
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