Short positions liquidated as breakout signals potential rally.

  • Bitcoin surged over 6% on Monday, climbing above resistance at $66,000.

  • Monday’s breakout could trigger Bitcoin’s next bull run.

  • Bitcoin’s recent rally liquidated over $100 million in short positions.

Bitcoin (BTC) surged over 6% on Monday, climbing above resistance at $66,000. If sustained, Monday’s breakout could begin a much-expected bull run as analysts pay attention to the cryptocurrency’s behavior around this level.

Analyst Predicts Sustained Momentum

The Altcoin Buzz analyst stated that Bitcoin will maintain its upward trajectory by staying above this critical level. According to the analyst, the flagship cryptocurrency has returned below $66,000 after the past breakouts, leading to a sustained sideways movement in price.

The analyst anticipates that Bitcoin will confirm this breakout by remaining above $66,000 for the next few days. This action would be a departure from previous instances where the digital asset made false breakouts, only to quickly retreat below that level. A confirmed breakout would turn the resistance level into support, laying the foundation for the next leg of Bitcoin’s rally.

Read also : Bitcoin Breaks $65,000…

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