Bitcoin’s price remains in a volatile “chop” phase as it struggles to break through the $65,000 resistance. With key sell-side liquidity at this level, Bitcoin bulls are still waiting for a clear breakout.
BTC Price Stalls at $65K Resistance
On September 25, Bitcoin’s price slipped below $64,000 after briefly reaching a one-month high of $64,795. Despite forming higher lows and highs on shorter timeframes, Bitcoin’s price action hasn’t been enough to convince traders that a major breakout is imminent.
Popular trader Skew highlighted that the $65,000 level is acting as strong resistance due to significant passive selling. He noted that the market would require a surge in buying volume to push beyond this barrier.
Liquidity Levels Hold Between $60K and $65K
According to monitoring data from CoinGlass, the $65,000 “sell wall” is visible across exchanges, especially on Binance. While some sell orders have been filled at local highs, traders are keeping a close eye on the $65K level as a key point for a market structure break. On the downside, Skew observed that bid liquidity is solid between $60,000 and $62,000.
Will Bitcoin Break Out in October?
Some traders are looking to historical patterns to predict Bitcoin’s next move. Trader Jelle noted that Bitcoin chopped around for 219 days last year before breaking out to new highs in late October. With the current “chop” lasting around 210 days, there’s speculation that Bitcoin could make a new high soon.
Macro Trends Could Drive Bitcoin Higher
Despite the current price consolidation, optimism remains. Analysts believe that favorable macroeconomic conditions, including central bank easing, could provide a bullish backdrop for Bitcoin. According to QCP Capital, while crypto-specific factors are lacking, macro trends could push Bitcoin higher before the end of the year.
As key US macro data, such as jobless claims, Q2 GDP, and the Federal Reserve’s preferred inflation gauge (PCE index) are set to be released this week, the market may find additional catalysts for a move.
