Bitcoin Faces Critical Test at $65,000 as Spot Demand Builds
Bitcoin is facing a crucial test at $65,000 as spot and perpetual-futures demand continue to build. According to recent charts, the price has been pressing into a decisive resistance cluster near this level, where a 78.6% Fibonacci retracement and a descending trendline could determine the next short-term move.
The chart shows that Bitcoin was trading near $64,619 in the chart, slightly above the 61.8% retracement at $64,560.92 but still below the more important 78.6% level at $65,073.57. A sustained move above $65,074 would provide the first stronger sign that buyers are taking control.
The analyst notes that a successful breakout could open the way toward $66,291, which marks the 38.2% level of the chart's larger projected range. However, if Bitcoin fails to clear this resistance, it may need to revisit support between $62,000 and $63,000.