Bitcoin Price Exceeds $66,000 as Ethereum Likewise Gains

By: Eva Baxter

Bitcoin (BTC) regained the $66,000 valuation on Monday, subsequent to the quadrennial halving event that occurred last Friday. Ethereum (ETH) also experienced a slight uptick in its value trailing this event.

After finding its support above the $60,000 threshold, Bitcoin took a fresh leap, surpassing the $62,500, $63,500, and even the $65,000 resistance levels. Still, obstacles remain around the $65,500 and $66,000 marks as persistent resistance points.

As a result, analysts have outlined key contracting triangle resistance at $65,100. If BTC manages to overcome the $65,500 resistance, the market could anticipate a fresh drive and perhaps a route towards the $67,500 mark.

Should Bitcoin fail to surpass the $65,500 resistance zone, it may face a downward correction, with core support identified at $64,500. Further pessimistic forecasts imagine a descent towards the $62,500 point, which represents the 50% Fibonacci retracement level of the upward move from $59,666 to $65,598.