Bitcoin approaches $65K as RSI hints at breakout potential

Bitcoin (CRYPTO:BTC) is nearing a key resistance level of $65,000 as market analysts predict a potential breakout. 

The weekly relative strength index (RSI) is showing signals that suggest Bitcoin's price could rise significantly in the coming months. 

After reaching a high of $64,700, Bitcoin has slightly retraced, consolidating around $63,000. 

The next hurdle, as noted by traders, is $65,000, with strong support identified at $59,000. 

The recent 0.5% interest rate cut by the U.S. Federal Reserve has further boosted risk assets like Bitcoin, which has gained around 6% since the decision was announced on September 18. 

Analysts believe that further rate cuts could be expected in 2024, providing additional momentum for Bitcoin’s price. 

According to popular trader Titan of Crypto, the current RSI breakout could signal an “explosive move by the end of the year,” with a potential intermediate price target of $85,000. 

Another analyst, Kevin Svenson, called the RSI breakout “the most reliable macro bullish signal throughout Bitcoin history,” fueling optimism for continued growth into 2025. 

Historical patterns suggest that Bitcoin bull markets often see their strongest gains in the final stages, and the current cycle could be nearing such a phase. 

Research from K33 Research indicates that Bitcoin is approaching the period of "greatest gains" typically seen in past cycles. 

Despite the optimistic technical indicators, market sentiment remains neutral, with the Crypto Fear & Greed Index sitting at 50/100. 

While traders are optimistic about Bitcoin's future, research firm Santiment warned that social media-driven euphoria could lead to a market correction. 

Nevertheless, Bitcoin remains poised for potential significant price movements in the near term. 

At the time of reporting, the Bitcoin price was $63,160.30.