CandleFocus

Bitcoin daily close above $65,000 is ‘pivotal’ to start an upward movement – Kraken

Author: Content Editor
The recent report published by Kraken suggests that Bitcoin is currently testing a crucial resistance level at $65,000, which will determine market sentiment. Although Bitcoin has regained its major moving averages, the report highlights the need for a daily close above $65,000 to confirm bullish momentum and allow for further gains. Failure to surpass this resistance level could lead to a retracement back to the $60,000 support zone. Ethereum, on the other hand, has seen positive momentum after the US interest rate cut and breaking its relative strength index downtrend. Kraken analysts anticipate an upward move towards the $2,813 resistance level. However, Ethereum's price is still below its 200-day exponential moving average, indicating a neutral-to-bearish long-term stance. Solana, another cryptocurrency, has been range-bound between $115 and $163 since August and needs a close above the high to confirm bullish momentum. At present, Solana is trading at around $155.8.

Related News