Today, the Bitcoin market opened with a significant gain in the Asian market, witnessing an increase of 1.64% and hitting the resistance zone under $64,000. Let's examine the chart and potential forecasts.
BTC Correction and Resistance
Since the formation of the 'Cup and Handle' pattern, Bitcoin has been on a corrective path, breaking through resistance zones. The current $64,000 zone is significant, as it was previously an all-time high for BTC. Bitcoin is expected to attempt another breakthrough at this resistance.
Moving Averages and Their Importance
The current moving averages show a rising price trend. The crossover of the 200 moving average with smaller ones indicates an approaching 'golden cross' on the Bitcoin hourly chart, which may lead to breaking the $64,000 resistance.
Bitcoin Liquidity Zones
The current liquidity map indicates most liquidity lies below the current price. Meanwhile, whales are shorting BTC, potentially setting a trap, strengthening the bullish momentum.
History often shows how suddenly the Bitcoin market changes, surprising traders. It's important to stay alert to avoid potential losses.