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Bitcoin Faces $66K Challenge: Can the Bull Run Continue?

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Aayush Jindal

Key Highlights

  • Bitcoin price rallied above the $62,000 and $64,500 resistance levels.
  • BTC is trading above a key bullish trend line with support at $61,550 on the 4-hour chart.
  • Gold bulls are eyeing more upsides above the $2,480 level.
  • USD/JPY is consolidating losses above the 157.50 support.

Bitcoin Price Technical Analysis

Bitcoin price started a steady increase after it cleared the $60,000 hurdle. BTC/USD broke a few important resistances near the $63,000 level to enter a positive zone.

Looking at the 4-hour chart, the price settled well above the $64,000 zone, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours). The bulls even pushed the price toward the $66,000 resistance zone.

The price is now consolidating gains and facing heavy resistance near the $66,000 zone. A successful close above $66,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $67,500 level.

Conversely, Bitcoin might start a downside correction. Immediate support is near the $62,400 level and the 200 simple moving average (green, 4 hours). The next key support sits at $61,500. There is also a key bullish trend line forming with support at $61,550 on the 4-hour chart.

A downside break below the trend line might send Bitcoin toward the 100 simple moving average (red, 4 hours) at $59,000. Any more losses might send the price toward the $58,000 support zone.

Looking at Gold, the bulls seem to be in action and they might soon aim for more gains above the $2,480 resistance level.

Today’s Economic Releases

  • US Housing Starts for June 2024 (MoM) – Forecast 1.310M, versus 1.277M previous.
  • US Building Permits for June 2024 (MoM) – Forecast 1.390M, versus 1.399M previous.
  • US Industrial Production for June 2024 (MoM) – Forecast 0.3%, versus 0.9% previous.
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