Bitcoin BTCUSD Faces Rejection Close to $65,000 Once More, Making It an Important Overhead Resistance to Cross

Bitcoin BTCUSD faces rejection close to $65,000 once more, making it an important overhead resistance to cross. A constructive signal for the bulls is that

Bitcoin (BTC) price analysis suggests that the digital asset is facing strong selling pressure near the overhead resistance at $65,000. A failure to clear this level could lead to a drop towards the moving averages.

On the other hand, if BTC manages to break above $65,000, the path of least resistance will be to the upside. In this scenario, BTC could rally towards $70,000.

Bitcoin price stalls near overhead resistance

Bitcoin price analysis suggests that the digital asset is facing strong selling pressure near the overhead resistance at $65,000. A failure to clear this level could lead to a drop towards the moving averages.

On the other hand, if BTC manages to break above $65,000, the path of least resistance will be to the upside. In this scenario, BTC could rally towards $70,000.

After a strong bullish move that saw Bitcoin price rally from a low of around $61,200 on September 23 to a high of $64,963 on September 24, the digital asset failed to clear the overhead resistance at $65,000.

As a result, BTC price dropped sharply on September 25, reaching a low of around $62,860 before recovering slightly. At the time of writing, BTC price is trading at around $63,100, up by less than 1 percent over the past 24 hours.

On the daily chart, BTC price is now trading above the 200-day moving average at $59,663 and the 50-day moving average at $61,202. The 100-day moving average is also rising and is currently located at around $55,860.

The relative strength index (RSI) on the daily chart is also in the positive territory, indicating that the bulls still have some control over the price action. However, the RSI is now flattening out, suggesting that the momentum is slowing down.

Overall, the technical analysis suggests that the bulls are facing strong selling pressure near the overhead resistance at $65,000. A failure to clear this level could lead to a drop towards the moving averages. In this scenario, BTC price could slide towards the 200-day MA at $59,663.

On the other hand, if BTC manages to break above $65,000, the path of least resistance will be to the upside. In this scenario, BTC could rally towards $70,000.