Bitcoin’s price faced resistance near $65K, with a slight drop in Wednesday’s trading session. While the top altcoins showed double-digit gains, the short-term outlook for BTC appeared somewhat bearish.
A 3% rally on Tuesday pushed Bitcoin to a daily high at $64,688, sparking investor optimism for a test of the critical $65K resistance level. However, the failure to sustain bullish momentum led to a short-term correction. Potential failure to establish $65K as a support level could trigger a steep drop in BTC price to $62,350 and $61,555.
Technical analysis suggests an imminent short-term correction for Bitcoin. Despite a bearish outlook on the recent high sweep, some analysts like RektProof believe the long-term trajectory remains bullish, with expectations of a short-term correction following the high sweep on Monday.
Elja Boom presented a positive long-term outlook for Bitcoin using a weekly chart, foreseeing a parabolic phase that could propel Bitcoin higher in the next few months. This exponential climb is predicted to last around 500 days, potentially leading to a cycle peak in late August 2025.
The recent SEC approval of Bitcoin options trading has strengthened BTC fundamentals post-spot ETF approval. While the SEC delayed a similar decision on Ethereum, Bitcoin’s positive outlook remains intact. Clearing the $65K hurdle and establishing it as support could drive Bitcoin towards $70K and potentially revisit its all-time high.
The original article can be found on CoinGape under the title “Bitcoin Price Stumbles As Investors Anticipate $65K, Is BTC Correction Brewing?”