Bitcoin Eyes $70K After Breaking Above $66K Resistance

Bitcoin is making a strong push higher after rebounding sharply from its recent lows near the $57K mark. The leading cryptocurrency has climbed past intermediate resistance levels at $58K and $61K, reaching the crucial $66K to $67K zone. This area is a major test for the market because it aligns with a falling trendline that has kept prices lower for weeks.

On the daily chart, the broader trend still requires caution. Bitcoin is trading below its key moving averages, including the 100 day average near $70K and the 200 day average closer to $73K. However, the shorter four hour chart looks more promising. Buyers are showing strong momentum, pushing the relative strength index close to overbought territory and signaling genuine demand at current price levels.

On chain data adds weight to the recent price action. The Net Unrealized Profit/Loss metric sits at 0.18, which is far below the overheated conditions usually seen at major market tops. This suggests the market still has plenty of room to grow if buyers manage a clean break above the current ceiling. Traders should watch the $66K level closely to see if this momentum holds or if a pullback toward $60K is next.