BTC--USD UPDATE
2024-09-21


We need to exercise caution as the price nears a cluster of significant resistance levels. Pressure could arise from the 65K region, which remains untested, as well as the higher zone around 68K-69K. It's important to note that, on a global scale, bitcoin is still within a descending channel. While the broader picture (D1-W1) shows potential for further growth, the local timeframes (D1-H4-H1) don't yet indicate readiness to break through the resistance levels above.

Upcoming economic events next week, such as the SP PMI, GDP, DGO, and the Fed Chair's speech, could cause market jitters. If these indicators turn out to be highly unpredictable, bullish enthusiasm among speculators could fade quickly, potentially leading to a correction as traders take profits.


Currently, consolidation is taking place above 62,750. If the price moves towards the 64-65K range, it's crucial to monitor global resistance. However, if sellers push the price below 62,750, it may trigger a move toward nearby liquidity zones.