Bitcoin at a turning point: analysts expect momentum or a pullback
The daily close above $66,000 confirmed the bullish momentum and will open the way to new highs. However, if Bitcoin fails to hold this level, a drop to $60,000 is possible, which will be an important support level.
Bitcoin open interest (OI), which has increased by 3.5% over the past week, confirms an increase in trading activity, which also fuels expectations for further growth. However, a consolidation above $66,000 could increase pressure on the market and lead to a pullback.
This is the first time in a long time that the downtrend is starting to change, which could indicate a turning point for the $BTC /USD pair. Traders should closely monitor key levels to understand where the price will head in the near future.
