Bitcoin Chart Analysis — Very Close to a Breakout

Bitcoin showed strength yesterday but failed to break above the key $64.5k and $65k levels. We are still waiting for that confirmation to see if BTC can break out of its long-term downtrend.

China’s recent decision to roll out economic stimulus packages has largely boosted the market, which has boosted the crypto market in general. Despite the positive sentiment, the situation remains bullish but uncertain as long as BTC remains hovering around these key levels.

The good news: The chart looks more promising with each passing day, and I expect it to continue today. But remember, until we get that breakout confirmation, we will remain cautious.

In the meantime, many altcoins are setting up nicely for potential big rallies. Chainlink (LINK), Binance Coin (BNB), Cardano (ADA), Render (RNDR) and several other altcoins are gearing up for big moves.

Enjoy the altcoin ride, but keep a close eye on Bitcoin's chart for its next big move. A breakout here could trigger the next leg up!