BTC at $63.6k: what to expect

█  Summary
Price at time of post:63.6k.
Ticker: BTCUSD

Overall, the chart suggests Bitcoin is in a consolidation phase after a major rally, with a breakout or breakdown likely in the near future. Keep an eye on the key levels in this post for confirmation on the coming moves.

• Bullish Scenario: If the price breaks and holds above the $67,000 resistance, look for continuation upward, possibly retesting 70k+
  
  
• Bearish Scenario: Failure to break the $67,000 resistance level, + with a potential overbought RSI, could trigger a pullback towards 53k-
  

Price Action
Current Price Levels: Bitcoin is currently priced at $63,587 as of September 25, 2024, down slightly by -1.10%.

Support and Resistance Levels:
Supports:

• $25,629.40
  
• $31,300.66
  
• $44,208.58
  
• $53,018.73
  

Resistances:

• The immediate resistance level is around $67,555.32. Price has struggled to break through this level on several occasions in recent months.
  
  
• The chart shows Bitcoin has consolidated below this level after the large upward movement, indicating that $67,555.32 acts as a significant resistance level.
  

█ Observations:

• Resistance at $67,555.32: This is a strong level that Bitcoin has been unable to break decisively. A successful break above this level could open the door for a retest of the all-time highs near $70,000.
  
  
• Support at $53,018.73: This would be the key level to watch if there is a breakdown in the current consolidation. Below this level, there is further support at $44,208.58.
  
  
• RSI Signals: The RSI being in the 60-70 range indicates bullish momentum, but a value near 70 typically suggests the market could be approaching overbought conditions. A breakout above $67,555 might lead to overbought conditions, while a failure could result in a correction.