Bitcoin Struggles At Weekly Resistance
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Past performance is not an indicator of future results
Bitcoin has charted a higher trough followed by a higher peak. This is the technical definition of an uptrend. Price is struggling at the resistance area around 64,000 (red shaded horizontal). To break through this level, bullish momentum must be maintained and the stochastic (blue line) helps in assessing if that momentum is present.
The stochastic is a measure of price to range over a period, in this case, 15 weeks. A reading of 80 suggests strong momentum as prices are closing in the top quintile. The stochastic used has a slowing factor applied to make the indicator less erratic.
The current position is above 80 (blue rectangle/blue line), but if it falls below, it is a sign that the momentum is waning. This will make the resistance level formidable.
The previous momentum push is represented by the green studies:
1. The green trendline shows bitcoin's impulse up.
2. The stochastic was in the upper quintile, suggesting underlying strong momentum (green rectangle/blue line).
3. The RSI was overbought during the 6 months (green rectangle/red line), signaling mass emotion. Once the emotion ran dry, there was a severe 50% pullback (thick black horizontal).
Current levels are not overbought, and the rampant emotional attachment is absent with this leg. Thus, if bitcoin does react off of resistance, the pullback may not be as severe as previous. This presents an opportunity for the next higher trough in the series to be charted.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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