Bitcoin Stuck at Key Resistance as Breakout Fails to Materialize

Bitcoin continues to struggle for momentum above $65,000 as it trades near $65,100 on August 10. Market analyst Michaël van de Poppe sees a crucial weekly resistance at $65,800, which he believes is the key level to watch.

If Bitcoin breaks above this level, Van de Poppe projects that it could trigger gains towards $73,700, with $82,900 as a secondary target. This would be close to its 50-week moving average and could signal an end to the extended bearish period for the cryptocurrency.

Van de Poppe evaluated several momentum indicators, including the three-day and weekly MACD, which displayed bullish divergence. He drew parallels between current signals and those seen during previous price lows in the past year.