Bitcoin has rallied nearly 30% since hitting a low of $49,000 in early August, currently trading below $65,000. Analysts indicate that if momentum builds, Bitcoin could break through resistance and reach as high as $70,000, marking a significant bullish trend since June.
Recent on-chain data reveals that selling pressure is diminishing, with losses for sellers dropping from $5 million to $4.7 million last week. This decline suggests that traders are less willing to sell at a loss, potentially bolstering bullish momentum.
The current immediate resistance level is $65,000, but bulls have struggled to surpass it despite growing confidence. The Bitcoin Sharpe ratio stands at 11.8%, indicating that BTC holders have outperformed U.S. Treasury bondholders over the past year, with room for further growth before reaching speculative peaks.