Bitcoin breaks $66k resistance, making short-term losses appealing

Bitcoin began its fresh increase around the 64,500 and 65,000 dollar resistance levels. The world’s largest cryptocurrency even pushed past the 66,000-dollar resistance mark.

BTC managed to hit its weekly high of 67,200 dollars and is trying to consolidate its gains. Its price is gradually nearing the 23.6% Fib retracement level with an upward move from the 64,281 dollar swing low to the 67,200 dollar low.

Since the crypto is trading over 65,500 dollars, it is floating above the 100 hourly SMA (Simple Moving Average.) As the bullish trend line forms at 65,700 dollars, the Bitcoin price prediction shows the crypto hitting a new peak shortly.

Its trend is nearing the 50% Fib retracement level from the upward move to the 64,281 dollar swing low to the low of 67,200 dollars. Its nearest resistance is placed at 67,000 dollars, with a major resistance at the 67,200-dollar mark.

After that, Bitcoin will face another resistance level at 68,500 dollars. If it manages to clear that, its price will continue to move up, eventually clearing the 70,000-dollar mark. Following that, BTC will face significant resistance at 70,500 dollars.

However, clearing the level will send the crypto toward the 72,000-dollar mark in the short term.

On the other hand, if BTC fails to cross the 67,000-dollar resistance mark, it can enter a downside correction. Its immediate support is placed at 66,500 dollars, with major support coming in at 65,700 dollars.

Crossing the mark will push the crypto to 65,500 dollars, which can eventually lead up to 65,000 dollars. Any more losses would send the crypto to the 64,200-dollar support zone.

According to the hourly MACD, BTC is losing pace in the bullish zone. The Relative Strength Index for BTC/USD trades above the 50 level.

Seeing how Bitcoin is about to conduct its fourth halving, experts are expecting a massive boost in the coming months.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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