Bitcoin Hits $66K as Bullish Momentum Builds

Bitcoin is holding steady near $66,300 this week. The leading cryptocurrency recently pushed above its 50 day Exponential Moving Average, a move that technical traders see as a positive sign that short term buying pressure is increasing.

While the recent rally is promising, the market still has work to do. Bitcoin is currently trading below its 100 day and 200 day moving averages. To confirm a long term shift, the price needs to clear these resistance zones, starting with the 100 day mark at $68,082.

Technical indicators are backing the current trend. The Relative Strength Index sits at 60, which shows healthy buying interest without being overextended. Similarly, the MACD indicator remains in positive territory, reinforcing the idea that momentum is shifting in favor of the bulls.

Investors should keep an eye on the $65,150 level as immediate support. As long as Bitcoin stays above this line, the current outlook remains favorable. If the price slips back below $64,004, the recent progress could be at risk, potentially leading to a broader price correction.