BTC Surpasses $66K: Is Bullish Momentum Returning?

Bitcoin’s price has surpassed the important $65,000 mark, indicating a potential shift towards a bullish market. This comes just two days after the Bitcoin halving event. According to Kristian Haralampiev from Nexo, the increase in open interest in derivatives and higher levels of leverage in the options markets could lead to a catch-up rally. Analyst Trader Alan suggests that Bitcoin reclaiming the $65,600 mark on the four-hour chart shows a bullish turn, with a strong buying power and a formed bottom indicating a further bull run.

The $65,600 resistance level is now acting as a crucial level for Bitcoin as it attempts to reclaim it, according to analyst Rekt Capital. A successful reclaim here could lead to a move towards $67,150 and eventually a revisit of $69,000. The MVRV-Z metric, which assesses whether an asset is overbought or oversold, has reset to 2.08 for Bitcoin, suggesting that it is no longer overbought. This is seen as a healthy correction by LookIntoBitcoin’s Philip Swift.

Despite the positive price action, it is still too early to confirm the end of the correction. Jag Kooner from Bitfinex warns of decreased market depth and potential price volatility. While he remains optimistic about Bitcoin’s short-term price action, he cautions against potential liquidations as more leverage enters the market. To confirm a breakout, Bitcoin needs to surpass the $69,000 mark, according to Haralampiev. Breaking through this level could lead to Bitcoin attempting to reach all-time high levels.

Bitcoin is currently facing strong resistance at the $67,000 mark, with a significant amount of short-leveraged positions across exchanges. If Bitcoin moves above $69,000, it could result in the liquidation of over $1.12 billion worth of short positions, as reported by Coinglass data.

4 thoughts on “BTC Surpasses $66K: Is Bullish Momentum Returning?

  1. Bitcoin’s price may have surpassed $65,000, but can it sustain this bullish momentum? I have my doubts.

  2. I’m not convinced that Bitcoin can maintain its current price levels. Prepare for disappointment, folks.

  3. Liquidation of over $1.12 billion worth of short positions? Can’t wait for the market to go crazy again.

  4. Oh great, a potential catch-up rally. Just what we needed, more volatility in the market.

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