Bitcoin (BTC) continues to encounter resistance, with the $65,000 level emerging as a critical hurdle. At the Wall Street opening on 25th September, BTC faced a dip below $64,000 after briefly reaching a one-month high of $64,795 on Bitstamp.
Despite Bitcoin showing higher lows and highs on hourly charts, traders remain unconvinced of a significant breakout. Popular trader Skew highlighted that $65,000 represents a key area of sell-side liquidity, with no signs of weakening resistance. “Clear passive selling around $65K confirms market views that it’s a real resistance point,” Skew noted in a recent post on X (formerly Twitter).
BTC/USD 1-hour chart. Source: TradingView
According to Skew, substantial buying pressure is required to break through the $65K level. Meanwhile, bid liquidity is still present between $60,000 and $62,000, keeping the market in a state of indecision.
Market Awaits October Price Movement
Data from CoinGlass underscores the significance of the sell orders at the $65K level, particularly on Binance’s spot pair. Trader Daan Crypto Trades observed that some of these orders were filled at local highs, but the $65K mark continues to signal a crucial barrier to further gains.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Analyst Jelle suggested that a breakout could be imminent, drawing comparisons to Bitcoin’s price action in 2023. “Last summer, Bitcoin chopped around for 219 days, making new highs on 23rd October. This time, we’ve seen ±210 days of sideways movement, and October is about to start,” Jelle shared with followers, hinting at a potential price rally.
Positive Outlook for Year-End
Despite the current lack of upward momentum, optimism remains for those tracking macroeconomic trends. According to trading firm QCP Capital, the influx of liquidity due to central bank easing could drive Bitcoin and other crypto assets higher by the end of the year.
“While crypto factors are not currently driving prices, macroeconomic conditions are aligning to push prices higher,” QCP noted.
