Bitcoin bulls are pushing for $66,000, but will they succeed?

Bitcoin (BTC) traders are currently trying to break through the resistance line to reach a two-month high of $66,000.

For this to happen, the market would need to break through the thick $65,000 bid wall, either through increased spot volume or increased futures open interest, leading to a buildup of leveraged long positions.

As you can see in the chart above, the selloff is solidly represented at $66,000, $67,900 and $70,000, but emotionally, retaking the 200-MA ($64,000) as support and trading above the channel resistance line could be seen as progress. This would give the bulls an opportunity to start breaking the lower high pattern by securing a weekly candle close above $65,000 by September 29th.

This move could bring forward the liquidation of short-term traders in the $64,200 to $65,000 range and potentially push the price towards the long-term downtrend line resistance level of $66,200.

When asked about intraday price action, TRDR.io founder DK shared the following chart and said:

“Spot is chasing, and the criminals are demanding.”

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