Bitcoin Talking Points:
- BTC/USD is breaking out of a falling wedge formation and pushing up to a fresh high.
- While the cryptocurrency lagged Gold last year, that dynamic has shifted as gold remains close to 4k support even as Bitcoin tests through a major level at $65k.
- I looked into both markets in yesterday’s webinar and in the below video take a shorter-term look at the bigger picture setup.
Bitcoin is testing a fresh breakout at a major spot on the chart at $65k. This was the level that helped to set the top in the cryptocurrency over multiple tests in 2021 and more recently, earlier this year, it was holding as support until sellers took their shot a few months ago. But – bears were unable to do much below the $60k level and even with gold holding near $4k, Bitcoin is testing back above that $65k level.
Chasing a fresh breakout is always a challenge and at this point, even the $65k level that was prior resistance looks as though it might give way to a deeper pullback. In this video three different areas are looked at for continuation potential, looking to use a big picture breakout for a near-term trend in a theme that brings high sensitivity to interest rate expectations and USD dynamics.
Below is the four-hour chart shared in the above video.
Bitcoin (BTC/USD) Four-Hour Price Chart
Chart prepared by James Stanley; data derived from Tradingview
--- written by James Stanley, Senior Market Analyst, Global Macro
