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Bitcoin breaks above 65,500, eyes 70,000 resistance
Action Forex said the move followed an improved crypto-market sentiment and a technical breakout above 65,500.
Bitcoin has broken above the resistance level of 65,500.00, according to technical analysis from Action Forex.
The analysis links the breakout to the resistance level that had been reversing price since June, and it also points to alignment with a 38.2 Fibonacci correction of the downward impulse from May.
Action Forex said the breach of 65,500.00 should accelerate a minor ABC correction phase, with Bitcoin expected to rise toward the next resistance level at 70,000.00.
The outlet also cited improved sentiment across crypto markets as part of the rationale for the upside move.
Latest closeBitcoin $66,747.44 ▲2.3%