Bitcoin Price Keeps Rejecting the $65K Pivot Point

Bitcoin ( BTC ) price rejection from $65,000 resistance continues after failure to reclaim it as support. Even after the halving traders anticipated a rapid surge to about $70k Pivot but Bitcoin ( BTC ) keeps swinging between the $63- 64K level.

There is a liquidity pool below $60,000 which continues to act as a yardstick for BTC in maintaining market balance.

Bitcoin ( BTC ) price is highly volatile lately, provoking a broader market crash as it plummeted to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.

SEC delays decision on spot Bitcoin ETF options trading
The US Securities & Exchange Commission (SEC) has delayed a decision on whether or not to allow options trading on spot BC ETFs. It originally meant that they needed more time to review and analyze the proposal. The SEC may have concerns about potential risks, market manipulation or other regulatory issues associated with introducing options trading on these ETFs.

Any delay in such a scenario is common as the financial regulator works to ensure investor protection and market integrity. However, markets will be poised to wait for further updates from the US Securities & Exchange Commission (SEC) or the relevant parties involved in the proposal to understand the reasoning behind the delay and any potential implications for investors.

According to Glassnode an on-chain market intelligence firm, the Bitcoin network hash rate is still rising, which points to ongoing investments in mining infrastructure. A strong mining hash rate is crucial for Bitcoin's security, making network attacks more challenging.

Technical analysis: Bitcoin ( BTC ) price drawn to liquidity pool below $60,600
technically, Bitcoin ( BTC ) price continues to get rejected from the $65,600 resistance level. It comes after multiple failed attempts to reclaim above it and flip the level into support.

Enhanced profit booking could see Bitcoin ( BTC ) price dip into the said liquidity pool. This will happen if the Relative Strength Index (RSI) continues to record lower highs.

Traders are likely to sell or take a bearish position on BTC when this happens, which would enhance the downtrend.

In a severe condition, Bitcoin ( BTC ) price could slip below the liquidity pool under the $60,000 psychological level, with the next line of support presented by the 50-day Moving Average (MA) at $54,689. A deviation of this lagging indicator to the downside would signal an extended fall.


Apparently, if the bulls leverage the ongoing correction as a buy-the-dip opportunity, the Bitcoin ( BTC ) price could recover.