Bitcoin (BTC) Prepares to Resurface Above $66,000
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Summary:
- Bitcoin is gaining bullish momentum, with price moving above the 9-day EMA.
- Momentum may be slowing slightly, but SRSI remains strongly bullish.
- BTC could target $67,000 short term, with $70,000 possible afterward.
Many speculations surrounding Bitcoin point to the fact that the coin may be entering a very promising phase. In addition, the indications emerging from the token’s chart continue to suggest strengthening bullish momentum. A deeper dive into the market is provided below.
Bitcoin Daily Price Chart
Looking at the BTCUSDT 24-hour chart reveals that price action continues to gain upside momentum. Recent price candles have been steadily progressing higher. The latest price candle remains green and stands above the 9-day Exponential Moving Average (EMA).
However, the most recent candle appears smaller than the previous two, suggesting that bullish momentum may be moderating slightly. At the same time, the Stochastic Relative Strength Index (SRSI) lines continue to advance deeper into the overbought region.
BTC Locks In on a Target
From the perspective of the sentiment surrounding Bitcoin, one can see that there is a strong possibility that the token’s price could reach nearby resistance targets. Price action in this market has maintained an upward trajectory since the beginning of August.
As a result, the token’s price is now approaching the $65,000 threshold. Confirmation from the behavior of the SRSI further reinforces the view that bullish momentum continues to dominate the market.
Bitcoin May Target the $67,000 Mark in the Near Term and $70,000 Subsequently
The indications on the BTCUSDT daily chart clearly suggest that the market is moving toward the next psychological price level. The ongoing session indicates that buying activity remains dominant.
Furthermore, the growing optimism surrounding Bitcoin in the short- to medium-term suggests that bullish momentum may continue to prevail. As a result, the price of the coin could reach $67,000 in the near term before extending its rally toward $70,000.
