Bitcoin (BTC) is currently testing a key resistance level at $65,000 that is “pivotal” to market sentiment, according to a recent report published by Kraken on Sept. 26.
The report noted that Bitcoin has reclaimed all its major moving averages, which could lead to continued bullish momentum in the coming days. It added that recent price action shows tight consolidation near the $65,000 area, with trading patterns indicating a state of market indecision at this critical level.
However, the report emphasized that a daily close above $65,000 is necessary to confirm a bullish momentum and pave the way for higher levels. In the instance of failure, a retracement could be triggered, taking Bitcoin back to the $60,000 area to retest it as a major support zone.
As of press time, BTC was trading at $64,925 after failing to hold $65,000 amid downward pressure over the past couple of hours, based on CryptoSlate data.
Altcoin performance mixed
Ethereum (ETH) is also riding the momentum following the US interest rate cut and broke above its relative strength index (RSI) downtrend, which began on March 11.
Kraken analysts suggested this is a sign of a potential upward move, with the $2,813 price target being the next resistance to watch. Nevertheless, ETH’s price is still below its 200-day EMA at $2,882, holding Ethereum in a neutral-to-bearish long-term posture.
Meanwhile, Solana (SOL) has been stuck in a range between $115 and $163 since August and needs to close above the high to confirm bullish momentum. As of press time, SOL was trading at roughly $155.8.
Mentioned in this article
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
Assad Jafri
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
