$BTC 's path to $65K: Will miner sell pressure stall the rally? - AMB Crypto Analytics

Bitcoin has experienced a notable bullish surge in the past two weeks, surpassing the $60,000 resistance level and currently trading at $63,404, reflecting an 18.35% rally. With just ten days left in September, Bitcoin is poised to close the month positively if it maintains these levels. However, it may face resistance as it approaches the next major target at $65,000.

The formation of a bullish flag pattern suggests that a breakout above $65,000 could lead to a price discovery phase, breaking the trend of lower highs seen in recent months. Additionally, the recent interest rate cut may provide the necessary liquidity to support further bullish sentiment.

However, concerns about sell pressure are emerging, as five long-term miner wallets moved around 250 BTC recently, indicating potential selling. Furthermore, declining miner reserves and a sharp drop in net longs signal uncertainty about Bitcoin's near-term upside. This scenario may encourage holders to adopt a long-term HODL strategy.