Bitcoin Price Analysis: Is $70K Next After BTC Broke Above $66K?
Bitcoin's recent moves could signal the start of a new upward trend.
1Bitcoin's Recovery Attempt
Bitcoin has shown a sharp recovery following the June downturn. It is now approaching a significant resistance zone where a descending trendline intersects with a major supply area. Buyers have regained short-term momentum, but the upcoming sessions will determine whether this move evolves into a broader trend reversal or another lower high.
2BTC Movements on the Daily Chart
On the daily timeframe, Bitcoin continues to trade below its long-term moving averages. The 100-day MA is around $70K, while the 200-day MA is near $73K. Both averages are trending downward, indicating that the broader market structure still favors sellers.
3Optimistic Picture on the 4-Hour Chart
On the 4-hour chart, Bitcoin has been moving within a defined descending channel since early June. However, recent price action shows buyers reclaiming higher support levels after defending the channel's lower boundary. The market has broken through intermediate resistance zones at $58K and $61K before advancing toward the current resistance cluster around $66K.
4RSI and Momentum Indicators
The recent rally is supported by stronger momentum, with RSI approaching the overbought territory near 70. This reflects increasing buying pressure but also raises the possibility of a short-term pause or local pullback if profit-taking emerges at resistance.
5On-Chain Analysis: NUPL Metric
The Bitcoin Net Unrealized Profit/Loss (NUPL) metric is currently around 0.18, well below the euphoric levels seen during previous market peaks. NUPL measures aggregate unrealized profits and losses across the network. High readings generally indicate widespread investor optimism and increasing profit-taking risk, while low values suggest smaller unrealized gains.
6Bitcoin's Future
If Bitcoin breaks above its current technical resistance, continued improvement in NUPL could support a healthier and more sustainable recovery. However, a rejection at current levels might temporarily stall the metric's recovery without invalidating the broader rebuilding process.
Original article: CryptoPotato — Bitcoin Fiyat Analizi: 66 Bin Doları Aşan BTC, 70 Bin Hedefinde mi?