Bitcoin Price Analysis: Is $65,000-67,000 the Next Target?

The Bank of Japan (BOJ) decision to keep interest rates unchanged continues to influence global financial markets. In light of this development, my expectation for increased volatility in both the US markets and crypto exchanges remains strong through January 2025. We could see new record highs in the coming months.

Current#BitcoinTechnical Overview

When we look at Bitcoin price action on lower time frames, we see that contrary to my previous analysis, the price has held above the quarterly opening level of $62,700. This is an important update that investors should take note of.

The current market structure suggests that Bitcoin is likely headed for a quick move to revisit the point of control (POC) area around $65,000. This upward momentum suggests a bullish outlook in the short term.

Options Market and Price Pressure

However, an important factor to note is the upcoming $BTC

options expiry on September 27, valued at around $6 billion, with a Max Pain of $58,000. This large options expiry could put pressure on the price, potentially keeping it below that level. Traders should keep a close eye on this Max Pain threshold.

Conclusion

Based on the available technical data, Bitcoin is expected to target the $65,000-$67,000 range in the short term. However, the influence of the options market should not be overlooked and investors should be prepared for potential volatility in the coming weeks.