Bitcoin continues to face selling near $65,000, but the intensity seems to be reducing, paving the way for an upside breakout.
Bitcoin (BTC) faces rejection near $65,000 again, making it an essential overhead resistance to cross. A positive sign for the bulls is that Bitcoin’s classic Puell Multiple metric has hit the “green” zone for the first time since the end of 2022.
“Historically, when the green zone was reached, it was followed by an upward price movement,” said CryptoQuant contributor Darkfost in a blog post.
Analyst Rekt Capital highlighted another historical pattern favoring the bulls. He said that Bitcoin breaks out from its reaccumulation range between 154 and 161 days after halving. The analyst added that the most recent Bitcoin halving occurred on April 20, 157 days ago, which puts it within striking distance of a breakout.
