2 hours ago
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The recovery has now reached a crowded area containing the upper boundary of the descending channel, the 0.236 Fibonacci retracement near $63,500 and horizontal resistance around $64,300.
That leaves BTC above short-term support but without a confirmed break from the decline that began in late July.
Key Takeaways
- Bitcoin is pressing into resistance created by a descending channel and the $64,300 area.
- BTC remains above its 50-day SMA, while a rejection could return price toward $62,000.
- Michaël van de Poppe sees $85,000 near the 50-week moving average as a broader recovery target.
- Long-term holder supply has started declining after reaching a record high.
- The onchain shift becomes constructive only if demand absorbs the older coins being moved.
Bitcoin Is Testing a Crowded Resistance Zone
The latest move above the 50-day SMA has improved Bitcoin’s short-term position, but price is still pressing against the descending trendline and the horizontal barrier immediately above it.
A daily close throu...
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