Bitcoin has finally crossed the $65,000 mark after months of resistance. We will look into the current market situation and try to understand what's next for investors.

Current Bitcoin Chart

Bitcoin is currently trading at $67,126, confirming support at the upper level of the parallel channel. Since March 2024, BTC has been moving downward in this channel. As explained in the analysis on October 14, the median of this channel held the price from falling, becoming the spot for Bitcoin's rise. An additional trendline formed in March also provided secondary support, finally driving the price to $65,300. The asset is currently encountering resistance at $67,000, an old all-time high. The RSI and MACD indicators support this price rise, though the MACD histogram indicates a reduction in bull power. The price might retrace to $65,300 before another rally.

Fear and Greed Index

This index reflects the overall sentiment of the crypto market. Today, it is recorded at 73, indicating a bullish sentiment among investors and traders. Yesterday it was 65, showing an improvement in market sentiment over the last 24 hours. In the past two days, Bitcoin has surged about 8.45%, and the RSI has increased to 73.16 from 55 in the last 48 hours.

Market Liquidation

In the past 24 hours, the crypto market has seen over 93,400 traders affected. Traders lost a total of $303.04 million in trades due to the sudden market movement. Notably, in the last 12 hours, $50.05 million worth of trades were wiped out, showing that most losses occurred between 24-12 hours ago. The long and short ratio at the time of writing is 1.1683, indicating optimism among long traders. Of all open Bitcoin trades, 53% are long and 46% are short.

Despite the market's optimistic mood, there's always a risk of a sudden reversal. When the market is filled with too much confidence, it can be an opportunity for large players to retrace and profit. While many hope for a new all-time high, caution remains essential.