Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Toncoin (TON), Polkadot (DOT), and BONK Price Analysis

Bitcoin (BTC) has been unable to go above $65,000, facing strong selling pressure at that price. Additionally, retail interest in BTC has hit a three-year low

Bitcoin (BTC) price hit a roadblock at the $65,000 mark this week, encountering strong selling pressure at this level. The cryptocurrency began the week with a strong surge but faced a retracement later on. However, telltale signs on the price chart suggest that this could be the precursor to an even bigger rally.

Bitcoin price analysis: Key price levels to watch out for

After hitting a high of $60,750 on Monday, BTC encountered selling pressure on Tuesday, dropping to a day low of $62,388. Despite this bearishness, demand at lower levels pushed the price back up, enabling it to settle above the 50-day SMA at $65,000 after an increase of 0.54%.

After another attempt by BTC bulls to push towards $66,000 on Wednesday, the price fell by 1.49% to $64,156. Increased volatility on Thursday saw another attempt by buyers to push above $65,000, while sellers aimed to push BTC below the 50-day SMA. Despite a marginal drop in price, BTC managed to stay above the 50-day SMA at $64,027.

The current session sees BTC marginally up, trading at $64,406 after recovering from a day low of $63,321. It remains to be seen whether bulls will make another push for $65,000 during the current session.

Based on a popular chart formation known as the bull flag, the next crucial level in the bull cycle for BTC if it manages to push above $65,000 and the resistance at $66,000 is $74,000. A bull flag is a pattern that forms between two rallies separated by a short retracement period, something we could be witnessing in BTC’s chart. However, any chance of such a scenario playing out depends on BTC reclaiming its old all-time high.

Before that, BTC faces stiff resistance at $65,000, with some analysts stating the cryptocurrency is not yet ready for a retest of that level. However, it has managed to stay above a key level of support in the form of the 50-day SMA.

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