Is it coincidence that Bitcoin (BTC) got rejected at $65,000 several times in recent weeks?
Hardly a coincidence. This is clearly a key level that’s acted as resistance or support in the past. For now, it's a price level where sellers take profits, overwhelming any demand from buyers.
Support and Resistance are key technical analysis concepts and indicators used for trade entry and exit.
In fact, some traders focus entirely on support and resistance as a basis for their trading strategies.
Support is a price level, where a downtrend can be expected to pause due to a concentration of demand or buying interest. As the price of an asset drops, demand for the asset increases, thus forming the support zone. And vice versa. Resistance zones arise due to selling pressures when prices have increased.
The concept of support and resistance assumes that, in the future, prices will stop at these levels or zones and that they represent a remembered psychological barrier for prices.
Also, if another resistance zone exists above the one that was just broken, prices will typically trade up to that next higher zone.
In the case of BTC, once the price breaks above $65,000 resistance, we would expect it to reach the next resistance area of $70,000.
Thus, a resistance zone in an advancing market can become a price objective once a lower resistance zone is broken.
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Resistance Breakout (click to see live results)
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