Bitcoin (BTC) Price Rallies, Close Above $66k Crucial

Bitcoin (BTC) Price Rallies, Close Above $66k Crucial
  • $66,000 price level represents a significant immediate roadblock.
  • The extent of the downside risk is nearing $65,200.

Bitcoin‘s price has recovered some of its losses and now exceeds $65,000 USD as the crypto market turns green. BTC must surge beyond $66,350 to spark a new rally. The price of bitcoin has remained around $63,500. Consequently, bitcoin (BTC) has re-entered the $64,000 resistance zone. The $65,000 resistance level and the 100-day simple moving average (SMA) were both breached on Friday.

Also broken was a critical negative trend line with resistance at $65,000 on the hourly chart of the Bitcoin/US Dollar pair. The big decline from the swing high of $68,762 to the low of $62,300 has been retraced by less than half of the Fibonacci retracement.

Fresh Uptrend Insight

On the plus hand, $66,000 represents a significant immediate roadblock. It is around $66,400. A 61.8 percent Fibonacci retracement of the significant decline from the swing high of $68,762 to the low of $62,300 is in sight.

A significant break over the $66,350 resistance level may herald the beginning of a fresh uptrend. The bears may decide to take around $68,000, the next important psychological hurdle. Bulls may encounter intermediate resistance at the price of $67,250. If bitcoin cannot break over the $66,350 resistance zone, it is likely to continue its downward trend. The extent of the downside risk is nearing $65,200.

The first substantial support came in about $65,000, and the trend line was broken. If the price continues to plummet, it may go below $64,500. Furthermore, $64,000 is the next key support level, and the price might go as low as $63,500. According to CoinMarketCap, the Bitcoin price today is $64,035.20 USD with a 24-hour trading volume of $29,221,190,110 USD. Bitcoin price is up 0.12 percent in the last 24 hours.

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