Bitcoin Closes Week Above $65k – What’s Next?

Since Wednesday’s sharp drop, Bitcoin price has mostly been trading around $64k. Bitcoin closed the extremely important short-term weekly candle above $65k.

The bulls pushed BTC to a weekly close above $64.8k, confirming the first step of a breakout. As shown on the following chart, BTC completed a bullish cup-with-handle breakout, with a retest of previous support-resistance at $64.8k.

A close above this level has turned into an extremely bullish signal and increases the probability of a bounce to the $70k – $80k zone in the near term.

Despite the above, short-term holders will need to keep an eye on Mt. Gox is coming.


Source: TradingView

Technical Indicators

Overall, the higher time frame technical indicators are very bullish:

  • In the short term, the 4-hour chart is gradually trending higher and if it continues, this could help push BTC price higher in the near term.
  • BTC is more likely to be in the middle of wave 5 on the upside (in between higher sub-impulses)
  • In the short term, pullbacks look tempting to accumulate (if a pullback occurs)
  • The short term supports lie at $62.5k, $61.8k, $61.5k, $60k
  • More significant support at $58.3k to $57.1k in case of more liquidation.


Source: CryptoQuant

On-chain indicator

Open interest (OI) was unchanged at $15.3 billion with a neutral funding rate and a leverage of 0.19.

Spot reserves remain at multi-year lows despite a short-term pullback.

Miners continue to HODL, with a reserve of 1,855 million BTC.

Even so, there is a slight distribution from the 18 month to 2 year old coin pool. All other older groups continue to hibernate.

With BTC creating a new ATH, there are certain groups of older coins that are lightly distributed. This was expected and sane if the price continued to push higher (as has happened before).

There is still no positive distribution from all older groups. This implies that they are waiting for higher prices.

Mean Coin Age hits a new record, but momentum is slowing, potentially starting a downtrend that previously took hold during the second half of the bull market, meaning a more active distribution begins.

It is important to keep an eye on the distribution ratio. The bulls need a gradual distribution as the BTC price rises to make the bull market more sustainable.


Source: CryptoQuant


Technical indicators are very bullish after Bitcoin broke through the $64.8k support and closed above $65k. The overall trend in fundamentals, on-chain and technical remains bullish, indicating a significant uptrend is underway.

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