Bitcoin (BTC) is currently testing a key resistance level at $65,000, according to a recent report published by Kraken on Sept. 26. The report noted that Bitcoin has reclaimed all its major moving averages, which could lead to continued bullish momentum in the coming days. However, a daily close above $65,000 is necessary to confirm a bullish momentum and pave the way for higher levels. If there is a failure, a retracement could be triggered, taking Bitcoin back to the $60,000 area to retest it as a major support zone. Altcoin performance is mixed, with Ethereum (ETH) showing potential for an upward move and Solana (SOL) needing to close above its range to confirm bullish momentum.
Ethereum (ETH) is riding the momentum following the US interest rate cut and broke above its relative strength index (RSI) downtrend, which began on March 11. Kraken analysts suggested this is a sign of a potential upward move, with the $2,813 price target being the next resistance to watch. However, ETH’s price is still below its 200-day EMA at $2,882, keeping Ethereum in a neutral-to-bearish long-term posture. Meanwhile, Solana (SOL) has been stuck in a range between $115 and $163 since August and needs to close above the high to confirm bullish momentum. As of press time, SOL was trading at roughly $155.8.
As of press time, BTC was trading at $64,925 after failing to hold $65,000 amid downward pressure over the past couple of hours, based on CryptoSlate data. The report emphasized that a daily close above $65,000 is necessary to confirm a bullish momentum and pave the way for higher levels. In the instance of failure, a retracement could be triggered, taking Bitcoin back to the $60,000 area to retest it as a major support zone. The recent price action shows tight consolidation near the $65,000 area, with trading patterns indicating a state of market indecision at this critical level.
Kraken analysts suggested that Ethereum (ETH) showing potential for an upward move, with the $2,813 price target being the next resistance to watch. However, ETH’s price is still below its 200-day EMA at $2,882, holding Ethereum in a neutral-to-bearish long-term posture. Solana (SOL) has been stuck in a range between $115 and $163 since August and needs to close above the high to confirm bullish momentum. As of press time, SOL was trading at roughly $155.8, showing the need for further movement to break out of the range.
In conclusion, Bitcoin (BTC) is currently testing a key resistance level at $65,000, with a daily close above this level needed to confirm bullish momentum. Altcoin performance is mixed, with Ethereum (ETH) showing potential for an upward move and Solana (SOL) needing to break out of its range to confirm bullish momentum. Traders and investors should keep a close eye on these key levels and price targets to anticipate potential market movements in the coming days.
