According to expert technical analysis, Bitcoin appears bullish but is currently facing a strong rejection at a crucial resistance level of $66,200 level. The last time BTC reached this level, it experienced a sudden price decline of over 10%. If BTC breaches this hurdle and closes a daily candle above the $68,000 level, there is a strong possibility it could reach its all-time high.
Currently, BTC is trading above the 200-day Exponential Moving Average (EMA), indicating an uptrend. Traders and investors use this indicator to determine whether an asset is in an uptrend or downtrend.
Bullish On-chain Metrics
Bitcoinâs positive outlook is further supported by on-chain metrics that suggest bulls are back in the market and may sustain this upside rally. According to the on-chain analytic firm Coinglass, BTCâs Long/Short ratio currently stands at 1.10, the highest since September 2024. This record jump in the ratio suggests strong bullish sentiment among traders.
Additionally, BTCâs future open interest has increased by 10% over the past 24 hours and 3.7% over the past four hours. This rising open interest indicates growing interest from investors and traders, potentially driven by the upcoming election.
Combining these on-chain metrics with the technical analysis, it appears that bulls are currently dominating the asset and may drive the rally to continue in the coming days, similar to historical trends.$BTC
