Bitcoin is facing a tough battle at the key resistance level of $65,000, maintaining a lower-high pattern. For bulls to regain control, they will need to generate enough momentum to break through this critical barrier.
Bitcoin’s initial support is at $62,500, with a more robust floor around $59,000 and the $65,000 level remains a key resistance. A clear break above this could open the path to the $70,000 mark. However, the daily RSI shows a bearish divergence, suggesting potential downside risks. Bitcoin must hold above $62,500 to invalidate these bearish signals.
With the monthly and quarterly closings on September 27 approaching, the expiration of options contracts is expected to add to market volatility. Traders positioning around these expirations could lead to heightened price swings, as significant open interest could trigger sharp moves in either direction.
Lastly, BlackRock’s Bitcoin ETF is adjusting to a 12-hour BTC withdrawal window from Coinbase. This move addresses investor demand for on-chain verification of Bitcoin held for BlackRock’s spot ETFs.
