BTC rises to $65,000, this is the next target

Bitcoin price is finally showing some promising signs of bullish continuation. The big question now is whether the consolidation period is over or whether this is just a temporary bounce.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily chart, BTC has been consolidating below the 200-day moving average (around $64,000) for some time now.

However, today’s price action suggests that the consolidation period is over as the daily candle has broken above the 200-day moving average and the $64,000 resistance level.

If the daily candle closes above these resistance elements, investors can be optimistic that the market could rally towards the $68,000 level in the near term.

Source: TradingView The 4-hour chart

The 4-hour period also shows a completely bullish market structure. The price has finally broken the large bullish flag it has been stuck in for the past few weeks.

A breakout of a flag pattern is a clear continuation signal based on classic price action.

Therefore, if this breakout proves valid and the price holds above the $64,000 level, the $68,000 resistance zone would be a feasible target.

Source: TradingView On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Funding Fees

While the price of Bitcoin is finally showing some desire to continue its long-term uptrend, futures market sentiment also points to increased optimism among market participants.

This chart shows the BTC funding rates metric, which measures whether buyers or sellers are executing their perpetual futures orders more aggressively. Positive values ​​indicate bullish sentiment, while negative values ​​are associated with low expectations.

As the chart suggests, funding rates have risen significantly today as the market is about to break a key resistance level.

However, while it may seem natural, investors should still be cautious. A sudden increase in funding rates could trigger a long liquidation cascade, which could halt the market rally.

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