Bitcoin is currently dancing around the $64,000 mark, and everyone’s asking the same question: will it break $65,000 before Monday?
At press time, Bitcoin is trading at approximately $64,139, down by a hair at 0.21%. The price action over the past few days shows a trend of higher highs and higher lows, which typically signals a bullish trend.
Bitcoin has been under consistent buying pressure. But is that enough to push it past $65,000? Take a look at the chart below. We’ve got Bitcoin’s price is sitting pretty above the Ichimoku Cloud, which is in bullish green, and Bitcoin is trading well above it.
On top of that, the 50-day and 200-day simple moving averages (SMAs) are both below the current price, which is another bullish sign. These averages are sitting at $60,336.16 and $62,411.96, respectively.
The double top patterns have a risk-reward ratio of 16.12. It’s like a speed bump on the road to $65,000. If Bitcoin doesn’t smash through this level, it could see a pullback.
But with 43 instances of double bottoms 28 of which have been confirmed, it seems like there’s more going on here than meets the eye.
Then there’s the On-Balance Volume sitting at 23.379K. The OBV has been climbing, which usually means that the buying volume is strong. A rising OBV typically backs up a price increase with solid trading volume.
Less risk of a whale deciding to sell off and tank the market right when we’re knocking on $65,000’s door. There’s also been a solid chunk of transactions over $100,000 in the past week—around $82 billion worth.
And net flows into exchanges have been positive, to the tune of $252.97 million.
If this holds, Bitcoin might just have the fuel to cross that $65,000 mark. But if the volume dries up, the rally could lose steam. So, while the market is leaning bullish, it’s not without its risks.
