Traders Taking Profit? Why Bitcoin Needs To Overcome $64,000 For The Next Leg Up

After printing a green candle in the low of its current levels, Bitcoin seems well underway to resume its bullish trend. As of press time, BTC’s price trades at $63,324 with a 2.5% profit in the daily and sideways movement in the weekly charts, respectively. Source: BTCUSD on TradingView.com In the latter timeframe, Bitcoin has been range-bound after it was rejected at the high of its current levels with some volatility during the weekend as the market reacted to a massive BTC Options expiry. In the short term, BTC bulls displayed some strength and managed to break through the sell barrier placed at $63,000. Now, the next major resistance sits at $64,000 with much fewer selling orders at higher levels until $70,000, according to data provided by Material Indicators’ Fire Chart for the BTC/USDT pair. This suggests BTC’s price could quickly make a run towards that price target if it manages to flip its next resistance.   Source: MaterialIndicators.com The chart shows the amount of resistance/support for the price of Bitcoin (represented in blue) indicated by the buying (below the price) or selling (above the price) orders. In the short term, BTC could face some problems trying to get above $64,000 as selling orders at these levels seem to be swelling with much less support to the downside until $61,000. In case of an increase in selling pressure, this level must hold, or Bitcoin could drop to its next major level of support...