Bitcoin Poised for a Rally if It Breaks Above $66,000
Bitcoin (BTC) is facing a significant challenge at the $66,000 resistance level. Recently, Bitcoin climbed above a consolidation range of $62,000 to $64,700, marking a modest 1% increase over two days. However, the momentum stalled as it reached the psychological barrier of $66,000 on Saturday, leading to a slight pullback. As of Monday, Bitcoin is trading around $64,500.
To resume its upward trajectory, Bitcoin needs to break and close above $66,000, which could lead to a 6% rally, targeting the July 29 high of $70,079. However, the **Relative Strength Index (RSI)**—a tool used to assess the strength of an asset’s price movements—has declined slightly, indicating weakened bullish momentum. Currently, the RSI is at 59; a rise above this level would be necessary for Bitcoin to maintain its rally. Investors should watch for an RSI over 70, which indicates an overbought condition and could signal a potential reversal.
On the downside, a break below $62,000 could result in a further 7% decline, potentially revisiting the September 17 low of $57,610.
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