Bitcoin Soars Above $66,000, Eyes Further Gains

Bitcoin's recent surge extended beyond the $66,000 resistance, reaching a new weekly high of $67,200. Despite a retracement towards the $65,500 support, positive sentiment prevails, indicating possible bids near this level. The formation of a bullish trend line at $65,700 supports the bullish outlook, while resistance lies at $67,000, $67,200, and $68,500. However, a downside correction may occur if resistance at $67,000 holds, with support levels at $66,500, $65,700, and $65,000.

Bitcoin Surges Past $66,000, Poised for Further Gains

October 20, 2021 - Bitcoin (BTC), the world's leading cryptocurrency, has extended its impressive rally, breaking above the crucial $66,000 resistance level. This surge has ignited optimism among investors, who anticipate further price increases in the near future.

Technical Analysis Points to Bullish Momentum

Bitcoin's technical indicators are exhibiting positive signals that suggest a sustained bullish trend. The price is comfortably trading above $65,500 and the 100 hourly Simple Moving Average (SMA). Additionally, a key bullish trend line is emerging on the hourly chart, providing support at $65,700.

Fibonacci Levels Indicate Price Targets

The 23.6% Fibonacci retracement level of the recent upward move from $64,281 to $67,200 currently acts as a target for a potential pullback. However, the price has maintained its position above $65,500 and the 50% Fib retracement level, indicating underlying bullish momentum.

Resistance Levels and Price Expectations

Immediate resistance is encountered at $67,000, followed by the significant barrier at $67,200. If Bitcoin manages to overcome these obstacles, the path lies clear for further gains. The next critical resistance level to watch is $68,500, above which the price could rise towards $70,000.

Near-Term Resistance and Support

While the bullish outlook remains strong, a potential downside correction cannot be ruled out. If Bitcoin fails to breach $67,000, immediate support can be found at $66,500. The next major support level is $65,700, coinciding with the bullish trend line.

Technical Indicators Align with Bullish Sentiment

Hourly MACD (Moving Average Convergence Divergence) is slowly losing momentum in the bullish zone, indicating that the upward trend may be maturing. However, the Hourly RSI (Relative Strength Index) remains above 50, suggesting that buyers retain control.

Conclusion

Bitcoin's breakout above $66,000 is a significant technical development that has bolstered investor confidence. The price is poised for further gains, with immediate targets around $67,000 and $68,500. However, a potential downside correction cannot be discounted if Bitcoin fails to sustain its strength. Technical indicators and support levels provide critical insights into the price trajectory, which investors should closely monitor in the coming days and weeks.