Bitcoin is once again approaching a key level, with the market watching to see if it can break out of its recent consolidation. Several analysts believe the current price action is nearing a technical breakout zone, with short-term focus still centered on the resistance zone around $65,000.
The 6-hour chart shows two bullish patterns.
Trader Josh Olszewicz said Bitcoin is one step away from a "full breakout of the range." On the 6-hour BTC/USD chart, both a reverse head and shoulders pattern and a descending wedge—two bullish formations—are currently appearing simultaneously.
According to its description, the left shoulder formed in June, the head low occurred in early July when the price approached $57,800, and the right shoulder gradually took shape in mid-July. Meanwhile, Bitcoin has also broken upward through a downward resistance line that had been in place for several weeks.
- The lower low is approximately $57,800.
- Target range: $72,669 to $76,698
- $65,000 remains a key resistance level
$65,000 remains the short-term focus
Another market participant, James Stanley, believes that Bitcoin is currently performing stronger relative to gold. Although the $65,000 level has previously attracted selling pressure in multiple tests, the bearish pressure at this level is weakening.
He noted that the price lows since July have been steadily rising, a pattern that typically leads to the gradual formation of an ascending triangle. If buying pressure continues to absorb the supply, market expectations for a breakout above the upper boundary may further intensify.
Institutions remain cautious regarding the pace within the year.
Although short-term charts appear strong, Galaxy Digital CEO Mike Novogratz remains relatively cautious about the broader market trend. He recently stated that Bitcoin is likely to remain range-bound between $60,000 and $80,000 for the remainder of this year.
However, he also noted that Bitcoin still has the potential to move toward $100,000 if the regulatory environment becomes clearer, macroeconomic conditions improve, and demand rebounds.
Meanwhile, Michael Saylor’s Strategy maintained a wait-and-see stance in the market last week, with no significant adjustments to its holdings. The article notes that the company currently holds 843,775 bitcoins and maintains reserves of approximately $3.2 billion.