Bitcoin Price Analysts are Eyeing $65k Breakout This Week: 3 Indicators to Watch…

As seen in the chart from Material Indicators, strong liquidity zones exist just below $65,000, and breaking through the 200-day moving average (DMA) would increase the likelihood of Bitcoin testing these levels. The 200-DMA has historically acted as a crucial level in determining longer-term trends, and a clean break above it could serve as a signal for further gains.

However, Material Indicators caution that the area around $64,900 could present a point of resistance, where some traders may start taking profits. The significant buy and sell walls in this range could see Bitcoin temporarily rejected, consolidating before making another attempt to break through.

Analyst Michaël van de Poppe Expects Initial Consolidation Before $65k Breakout

Renowned crypto analyst Michaël van de Poppe offers a slightly more cautious, yet still bullish, outlook. Van de Poppe’s analysis (source: Michaël van de Poppe/X, October 2024) focuses on the possibility of some consolidation in the $61,500 to $62,000 range before Bitcoin makes a definitive move towards $65,000.

Van de Poppe highlights that while Bitcoin has already tested the $62,000 level, there may be a short period of consolidation lasting 1-2 days. This is a natural part of the price action, as bulls gather strength for the next leg up.

 “Bitcoin consolidating and probably retesting around $61.5K to $62K before continuing its upwards trend. The build-up is massive, and a test of $64,000 could be the key to breaking out.”

– Michael Van de Poppe, Trading Analyst, Oct 13, 2024.

According to Van de Poppe, the significant breakout level to watch is between $64,000 and $65,000. Once Bitcoin clears this range, the door opens for a fresh attempt at all-time highs (ATH).

Conclusion: Key Levels to Watch

Bitcoin’s price action over the past week, combined with technical indicators such as the RSI, order book liquidity, and moving averages, all suggest that a breakout above $65,000 is increasingly likely.

While analysts like Skew, Material Indicators, and Michaël van de Poppe offer slightly different perspectives, they converge on one central point: Bitcoin is in a bullish phase, and the $65,000 level is the critical resistance to overcome in the days ahead.

Should Bitcoin break through $65,000, the next targets could be new ATHs, as long as bulls maintain the momentum seen throughout October. Traders will need to keep a close eye on these key indicators as the market develops.