FX168 Financial News Agency (Asia Pacific) reported that at the end of the Asian market on Monday (October 14), Bitcoin continued to fluctuate above $64,000. Analysts combined technical indicators such as RSI, order book liquidity and moving averages to indicate that the possibility of prices breaking through $65,000 is increasing. Since the release of the US Consumer Price Index (CPI) report last week, the demand for the crypto market seems to have returned, with a nearly 10% increase.
Bitcoin's recent price action suggests that despite a slight 2% pullback from the $64,400 high set early Monday morning, bulls are still looking to break through the $65,000 level. Indicators across multiple timeframes are still flashing green, suggesting that the current bullish trend may not be over yet.
Trading analyst Skew is one of those predicting further gains for Bitcoin, and Skew continues to highlight Bitcoin's momentum following last week's CPI report, and sees the $65,000 level as a key barrier for Bitcoin bulls. Last week, Skew analyzed on Twitter, focusing on the 4-hour chart of Bitcoin/USDT.
Source: Twitter
As shown in the chart above, Skew noted that a key indicator — the relative strength index (RSI) — remains above 50, which indicates strong spot demand. In this case, spot demand refers to buying pressure in the immediate market, which can push prices higher.
He added: “RSI above 50 means that price needs to be in line with the 4-hour exponential moving average (EMA), which is bullish momentum driven by spot demand.”
In particular, the analyst pointed out that holding the weekly and monthly open is key for bulls to seek to reclaim the area around $65,000, and the failure to break through after sweeping the lows further strengthens the argument for a possible rise.
The rising RSI and continued demand suggest that Bitcoin may gather enough momentum to test and possibly break through the $65,000 level soon.
Material Indicators, a popular tool for analyzing cryptocurrency market data, provide further support for the bullish outlook.
According to Binance’s BTC/USDT order book liquidity chart, the key price target is just below the $65,000 mark, specifically around $64,900, which is consistent with Bitcoin’s historical mid-cycle high in 2021.
Source: Twitter
As can be seen from the chart of Material Indicators, there is a strong liquidity area below $65,000, and a break above the 200-day moving average (DMA) will increase the probability of Bitcoin testing these levels. The 200-day moving average has historically been a key level for determining long-term trends, and a clean break above this level could signal further gains.
However, Material Indicators warns that the area around $64,900 could be a point of resistance, and some traders may begin to take profits. The large number of buy and sell barriers in this range could cause Bitcoin to be rejected temporarily, consolidating before attempting a breakout.
Michaël van de Poppe, a well-known cryptocurrency analyst, is slightly more cautious in his view, but still bullish. Van de Poppe's analysis focuses on the possibility that Bitcoin will see some degree of consolidation in the $61,500 to $62,000 range before making a clear move towards $65,000.
Source: Twitter
Michaël stressed that although Bitcoin has tested the $62,000 level, there could be a brief consolidation period of 1-2 days. This is a natural part of price action as bulls gather strength for the next leg up.
“Bitcoin is consolidating and could retest around $615,000 to $62,000 before continuing the upward trend. The upside is huge and testing $64,000 is key to a breakout.”
According to Michaël, the important breakout level to watch is between $64,000 and $65,000. Once Bitcoin breaks out of this range, it is possible to hit a new all-time high (ATH) again.
Bitcoin’s price action over the past week, combined with technical indicators such as RSI, order book liquidity, and moving averages, all indicate that a breakout above $65,000 is increasingly likely.
Although analysts such as Skew, Material Indicators, and Michaël van de Poppe have slightly different views, they all agree on one central point: Bitcoin is in a bullish phase and the $65,000 level is a key resistance level to overcome in the coming days.
If Bitcoin breaks above $65,000, the next target could be new all-time highs as long as bulls maintain the momentum seen throughout October. Traders need to keep a close eye on these key indicators as the market develops.
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