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

Bitcoin price is finally starting to show promising signs of bullish continuation. The big question now is whether the period of consolidation is over or whether this is just a temporary recovery.

technical analysis

Written by Edris Derakhshi (TradingRage)

daily chart

On the daily chart, BTC has been trading below its 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 candlestick broke above the 200-day moving average and the $64,000 resistance level.

If the daily candlestick closes above these resistance elements, investors could become optimistic that the market could rise towards the $68,000 level in the near term.

4 hour chart

The 4-hour time frame is also showing a completely bullish market structure. Price has finally broken the big bullish flag that has been trapped for the past few weeks.

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

Therefore, if this breakout proves valid and the price sustains above the $64,000 level, the $68,000 resistance zone will be a viable target.

On-chain analysis

Written by Edris Derakhshi (TradingRage)

Bitcoin funding rate

While Bitcoin price is finally showing a willingness to continue its long-term bullish trend, futures market sentiment also shows growing optimism among market participants.

This chart shows the BTC Funding Rate indicator, which measures how aggressively buyers and sellers are executing perpetual futures orders. Positive values ​​indicate bullish sentiment and negative values ​​indicate bearish expectations.

As the chart shows, funding rates rose significantly today as the market attempts to break through key resistance levels.

It may seem obvious, but investors still need to be careful. A sudden increase in funding rates could lead to a prolonged liquidation cascade, potentially halting market gains.