Bitcoin displays initial signs of rejection from key resistance

Bitcoin trades lower at $63,282 (-0.44%), displaying signs of initial rejection from the $64,000/$65,000 resistance area, which includes the 200-day moving average and the late August $65,103 high. We recently squared up our bullish BTC tactical bias initiated on the 9th of September in recognition of this resistance zone.

We will consider moving back to a bullish bias on a dip back towards support at $52,000/$50,000, pending signs of basing. Conversely, if Bitcoin were to break above trend channel resistance at $68,600, coming from the March $73,794 high, we would also consider moving back to a bullish bias.