Bitcoin Breaks $66,000 Barrier, Eyes $72,000 Resistance Zone


The price of Bitcoin recently experienced a surge, surpassing the $66,000 resistance zone, demonstrating a promising outlook. The leading cryptocurrency is likely to encounter potential bids hovering around $65,500.

This digital asset quickened its pace, breaking through the formidable barrier of the $65,500 resistance zone. Significantly, it currently trades beyond this mark, as well as the advantageous 100 hourly Simple Moving Average.

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In addition, an important bullish trend line has emerged, shoring up support at $65,700, as revealed by the hourly chart of the BTC/USD pair. This data originates from Kraken, a globally recognized cryptocurrency exchange. While a slip might occur, Bitcoin investors expect the bullish momentum to remain unscathed around the $65,500 support region.

The story of Bitcoin’s rise to strength commences with a fresh, robust uptake, surpassing the $64,500 and $65,000 resistance levels. Such vigorous momentum from Bitcoin enthusiasts even catapulted the value over the $66,000 wall of resistance, minting a new weekly high record of $67,200 and presently procuring the spoils of this feat.

Gently descending, the price inches toward the 23.6% Fib retracement level, which is a method traders use to locate strategic points, from the upward journey of the $64,281 swing low to the $67,200 pinnacle. Meanwhile, Bitcoin maintains its stance above the $65,500 benchmark and the 100 hourly Simple moving average.

Furthermore, as mentioned earlier, a crucial bullish trend line provides backup around the $65,700 mark in the BTC/USD hourly chart. This trend line is conveniently positioned near the 50% Fib retracement level concerning the rise from the swing low of $64,281 to the crest of $67,200.

Resistance nearby looms at the $67,000 mark, with the first significant barricade envisioned around $67,200. The subsequent stronghold is at $68,500. If Bitcoin manages to navigate safely past these threats, the forecast is encouraging. An upward climb is still predicted, potentially soaring towards the $70,000 ceiling.

A considerable resistance benchmark awaits at the $70,500 territory. Any additional gains might propel Bitcoin towards the anticipated $72,000 resistance zone, suggesting a promising future.

But these prospects all hinge on Bitcoin’s ability to overcome the $67,000 hurdle. Failure to accomplish this feat could herald a downturn. Bearish support appears close at hand around the $66,500 level.

The primary line of defense lies at $65,700 or the trend line previously mentioned. A closure beneath $65,500 could foresee a drop towards the $65,000 mark. More losses could push the value into the arms of the $64,200 support tier, a possible future endeavor.

As far as technical indicators go, the Hourly MACD shows the bullish momentum losing some impetus, while the RSI for BTC/USD hovers comfortably above the crucial 50 level. Major Support Levels currently stand at $66,500, followed by $65,500, with Major Resistance Levels grouped at $67,000, $67,200, and $68,500.