Bitcoin bulls are laying the path to $66K, but will they make it?

Bitcoin (BTC) traders are attempting to push the price through the current resistance cluster to hit a 2-month high above $66,000. 

To pull this off, the market needs to see either an uptick in spot volumes or futures open interest where leveraged longs pile in to bust through a thick wall of asks at $65,000. 

As shown in the chart above, asks are solidly represented at $66,000, $67,900 and $70,000, but sentiment-wise, recapturing the 200-MA ($64,000) as support and trading above the channel resistance will be viewed as progress. This would give bulls the opportunity to start breaking the pattern of lower highs by securing a weekly candle close above $65,000 by Sept. 29.

Such a move could possibly accelerate the liquidation of short traders in the $64,200 to $65,000 range and bring the price to the long-term descending trendline resistance at $66,200. 

When asked about the intra-day price action, TRDR.io founder DK shared the following charts and said,

“Spot is chasing it up, and perps are pulling asks.”

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