Bitcoin Approaches Critical Resistance Level
Bitcoin (BTC) is currently facing a crucial resistance at $65,000, a level described as “pivotal” for market sentiment in a recent Kraken report released on September 26.
Market Analysis and Moving Averages
The report highlights that Bitcoin has successfully reclaimed all its major moving averages, potentially setting the stage for continued bullish momentum. Recent trading patterns suggest a tight consolidation around the $65,000 mark, indicating a period of indecision in the market.
Indicators for Future Movement
To confirm a bullish trend, a daily close above $65,000 is essential. Failing this, there may be a retracement towards the $60,000 level, which serves as a significant support zone.
As of the latest update, Bitcoin is trading at approximately $64,925, struggling to maintain the $65,000 mark amid recent downward pressure, according to data from CryptoSlate.
Mixed Performance Among Altcoins
Ethereum (ETH) is also experiencing upward momentum following the U.S. interest rate cuts, breaking free from a downtrend in its relative strength index (RSI) that had persisted since March 11.
Ethereum’s Price Targets
Analysts at Kraken suggest that this development could lead to further upward movement, with the $2,813 price target identified as the next resistance to watch. However, Ethereum’s price remains under its 200-day exponential moving average (EMA) at $2,882, indicating a neutral-to-bearish outlook in the long term.
Solana’s Current Market Range
Meanwhile, Solana (SOL) has been trading within a range of $115 to $163 since August, necessitating a close above this high to affirm bullish momentum. Currently, Solana is priced at around $155.8.