Bitcoin Shaky, STHs are In the Money: Will BTC Break $66,000?

Bitcoin is steady at press time, slightly lower from this week’s highs but still bullish. Even though buyers have the upper hand, there must be a convincing close above $66,000 for the uptrend to hold. If not, sustained losses, confirming the doji of September 23 would slow down bulls. Even with the current state of affairs, aggressive traders can load the dips, expecting a resurgence in the coming sessions. Conservative, risk-off traders, on the other hand, can stay on the sidelines until there is a trend definition.

Traders are confident of what lies ahead. Even so, price action is weak and in favor of sellers. Unless there is a sharp explosion above the immediate liquidation levels, bears are likely to flow back and change the short-term trend. In the past day, Bitcoin is stable but up nearly 6% in the previous week. At the same time, the average trading volume is low, at around $30 billion over the last day.

The following trending Bitcoin news events are worth watching:

• The Sharpe ratio, which measures the coin’s performance relative to risk-free assets, mostly United States Treasury bills, is rising. What this means is that holders are making money. However, there is still room for growth.
• Bitcoin short-term holders are in the green at press time. Having these entities in the money is a net positive and may help prop up bulls in the coming sessions. If prices spring higher, a higher percentage would be in the money, fueling the uptrend.

Bitcoin Price Analysis

BTC/USD is steady at press time.

The local resistance is at $66,000.

If buyers are to take charge, then they need to close above this level, ideally at the back of rising trading volume.

Any sustained loss below $61,500 could puncture the uptrend, questioning the strength of buyers.

Even so, aggressive traders can consider loading the dips as long as prices remain above $61,500.

Conservative, risk-off traders can wait for a clean trend definition above $66,000 before loading and targeting $70,000.