Bitcoin beat out local resistance to pass $66,000 amid predictions of as much as 6% BTC price upside if momentum continued.
Bitcoin (BTC) passed one-month highs on Tuesday as price action defied the odds to top $66,000.
BTC/USD hit highs of $66,306 on Bitstamp, according to TradingView data. That’s a level last seen on June 17.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
A series of rejections around the $65,000 mark had failed to quash traders’ enthusiasm, with calls for $67,000 or higher gaining momentum. Those short-term predictions continued on the day, with key psychological levels around $70,000 now on the horizon.
“$BTC reclaimed the range lows, and is now pushing higher - as expected,” trader Jelle wrote in his latest analysis on X.
Short liquidations began to mount as the BTC price broke through range highs, with data from CoinGlass putting 24-hour cross-crypto liquidations at around $200 million.
BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass
“$BTC has reclaimed the $65,000 level. The next key resistance is $67,500-$68,000, which means Bitcoin has some room to pump,” trader Ted Pillows said.
BTC/USDT one-day chart. Source: Ted Pillows/X
Concerns had accompanied the start of the latest move, with commentator Exitpump seeing closing short positions fueling the upside.
“There’s very little real buying interest here,” they warned X followers while analyzing derivatives markets.
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