Bitcoin Poised for Another Surge, Tests $66,500 Mark as Bullish Trend Holds Steady


Bitcoin, the world’s largest and most popular digital currency, has recently seen a significant uptick in value. Recently testing the $66,500 mark, BTC is currently in a phase of gains consolidation, with prospects looking promising for another rapid rise, potentially even approaching the $67,500 mark.

From the previous resistance zone of $66,500, the cryptocurrency began its current phase of consolidation. With all factors considered, the value is now steadily trading above the $65,000 mark and shows positive interaction with the 100 hourly simple moving average. A key bullish trend line is also being observed, providing support around the $65,150 mark on the BTC/USD pair’s hourly chart.

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However, the Bitcoin price also faces a potential setback. The unpredictable nature of cryptocurrency market and an inevitable push from competing investors might still cause a slight dip. Nevertheless, unless the bearish force push it below the potentially vulnerable mark of $63,800, the digital currency is predicted to initiate another rapid increase.

The price of Bitcoin has set its base above the $63,500 level and marked the start of a fresh and robust upward trend. Even successfully surpassing the resistance of $65,500, BTC surged forward and tested the $66,500 region. With a new weekly high established at $66,565, Bitcoin prices are currently relaxing in a phase of gains consolidation.

It’s worth noting that there was a minor backward fluctuation, a mere dent in its ascension, as it fell below the $66,000 mark. This drop was observed along with a slight dip below the 23.6% Fibonacci retracement level, calculated from the previous swing low of $61,073 to the high of $66,565.

In the present market, Bitcoin’s price is maintaining its steady position above $65,000 along with the 100 hourly simple moving average, forming a key bullish trend line at the $65,150 point for the BTC/USD pair. Initial resistance is anticipated around the $65,600 level, followed by the first major hurdle being the $66,000 resistance point.

Further boosting investor optimism, Bitcoin’s bullish trajectory could continue its rise if prices soar above the $66,500 resistance, with the price possibly testing the $67,200 level. In case the bulls sustain their energy, Bitcoin could shoot towards an impressive $68,000 resistance zone. Any additional gains may nudge BTC closer to the $70,000 threshold.

In contrast, Bitcoin’s potential weakness lies in its inability to hurdle above the $66,000 resistance level. If it fails to cross this threshold, prices could still fall. Immediate support is around the $65,150 point and on the trend line. The first major support is at $64,200 and the principal shield standing against a sharp drop forms around $63,800 – a level corresponding to the 50% Fib retracement from the previous swing low to the recent high. Further losses could potentially push the price towards the $63,150 support milestone in the short term.

Despite the volatile nature of the cryptocurrency market, the technical indicators of Bitcoin’s market remain encouraging. The MACD is slowly reducing its pace within the bullish zone, and the Relative Strength Index for BTC/USD is now above 50, indicating buyers still have the edge over sellers. With considerable support levels at $65,150, $63,800, and significant resistance levels at $66,000, $66,500, $67,200, the future of Bitcoin price continues to look promising.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.