Bitcoin Price Stumbles As Investors Anticipate $65K, Is BTC Correction Brewing?
Highlights
- Bitcoin price struggles to overcome $65K resistance, sparking short-term correction concerns.
- Technical analysts predict potential correction to $62,350 and $61,555 if $65K hurdle isn't cleared.
- Long-term outlook remains bullish, with SEC approval of options trading and potential parabolic phase sending Bitcoin to $70K.
Bitcoin price shows hesitation as it approaches $65K. Wednesday’s trading session saw a $1,000 drop in BTC. Although there was a slight correction for the world’s largest crypto by market cap, some top altcoins have shot up double digits in the late New York trading session. But the short-term outlook for BTC looks slightly bearish.
Bitcoin Price Faces Overhead Pressure at $65K
The 3% rally on Tuesday pushed Bitcoin to set up a daily high at $64,688, which caused optimism around investors expecting a retest of the critical resistance level at $65K. Bitcoin price today swept yesterday’s high but failed to retain its bullish momentum, leading to a short-term correction. Failure to overcome the $65K hurdle into a support floor could result in a steep correction in BTC price into a buy-side imbalance at $62,350 and $61,555.
So, yes, a short-term correction is brewing for BTC from a technical perspective.
Popular crypto trader RektProof also has a similar outlook on BTC. In his Telegram group, RektProof adds that the recent sweep of the highs was a bearish outlook, but since there was no follow-up from the sellers, chances are the long-term outlook remains bullish. However, the trader further clarifies that there could be a short-term correction after Monday’s high sweep.
Bitcoin Remains Bullish Long-term
Elja Boom showcases his long-term outlook for Bitcoin with a weekly chart. According to this analyst, the parabolic phase has started and will likely send Bitcoin higher in the next four months.
This exponential phase, where BTC continues to climb vertically, should last nearly 500 days based on Elja Boom’s analysis. This would put the next cycle top for Bitcoin in late August 2025.
BTC Fundamentals Strengthen After SEC Approves Options Trading
After the spot Bitcoin ETF approval, the US Securities and Exchange Commission (SEC) has greenlit the five days ago on September 20. However, the regulator has pushed back on a similar decision involving Ethereum. Regardless, the long-term outlook for BTC’s price remains bullish, with technical and fundamental aspects remaining strong. All BTC needs to do is clear the $65K hurdle and flip it into a support floor. This Bitcoin price prediction could send straight to $70K and a potential revisit of the all-time high (ATH).
Frequently Asked Questions (FAQs)
1. Why is Bitcoin price stumbling before the $65K resistance level?
2. Is a correction brewing for Bitcoin?
3. What's Bitcoin's long-term outlook?
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