Bitcoin (CRYPTO:BTC) faced resistance at $65,000 as market dynamics shifted on September 25.
Despite reaching one-month highs of $64,795 on Bitstamp, Bitcoin’s price fell back below $64,000, creating uncertainty among traders.
Popular trader Skew noted that the $65,000 level has become a significant resistance point, indicating sustained sell-side liquidity.
“Price still struggling to find momentum around $65K,” Skew stated, highlighting clear passive selling at this mark.
He added that increased sell orders indicate it would require substantial buying pressure to overcome this barrier.
Bid liquidity, meanwhile, remained stable between $60,000 and $62,000, suggesting support for potential downside movement.
Monitoring resource CoinGlass revealed the robust presence of sell orders on exchanges like Binance, further emphasising the $65,000 resistance.
Fellow trader Daan Crypto Trades echoed this sentiment, stating that the sell orders could signal a break in market structure if breached.
Reflecting on historical trends, trader Jelle compared the current price stagnation to last summer's lengthy period of inactivity, which lasted 219 days before a breakout.
He pointed out that the current period of chop has taken about 210 days, suggesting that October could bring new highs.
Optimism persists for Bitcoin's future, driven by macroeconomic trends and potential liquidity influx from central bank policies.
Trading firm QCP Capital noted, “While there is currently a lack of idiosyncratic crypto factors driving prices, the stars are aligning in the macro environment.”
September 26 is set to bring important US macro data, including jobless claims and Q2 GDP.
The release of the Personal Consumption Expenditures (PCE) index, a key inflation measure, follows closely after, with Federal Reserve Chair Jerome Powell also scheduled to speak at a conference.
At the time of reporting, the Bitcoin price was $62,826.07.