Bitcoin’s been stuck below $65K, but big changes could be on the horizon. If it can break past that $64K to $66K resistance zone, we might see some serious growth, possibly pushing Bitcoin toward that six-figure dream. It’s crunch time, and everyone’s watching closely.
This past week was a wild ride. The Federal Reserve finally threw the market a bone with a 50 basis point interest rate cut, which sent the S&P 500 to new highs, and even gold is shining. Meanwhile, Bitcoin did break out to $64,133 but hasn't quite broken free from its recent patterns. We’re still seeing lower highs and a trend that’s been guided largely by futures liquidations. Despite this week's gains, Bitcoin’s day-to-day moves haven't strayed from its six-month pattern.
At the moment, Bitcoin’s facing resistance around $65K, lining up with the 200-day moving average. If it fails to close above this level, we’ll likely see more of the same lower highs, meaning more sideways action. A dip back to support in the $58.5K to $60K range could even be on the cards, especially if traders don't bring the heat with higher spot volumes.
But here’s the kicker: with the Fed’s recent moves, there’s been an uptick in Bitcoin’s open interest. If buyers keep pushing, Bitcoin could finally break through its descending channel, potentially flipping the market’s structure on a higher timeframe. Bulls need to secure a close above $66,300 to make this breakout official. The battle is on let's see what the market has in store.
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