Bitcoin has strongly held above the crucial $66K resistance channel as buyers gain confidence. However, sellers are also defending the immediate resistance channels around 23.6% Fib level at $68K. As of writing, BTC price trades at $67,083, declining over 1.2% in the last 24 hours.

The key support level to watch is $65,000. If buyers can turn this level into support, the price could rally to $70,000, though sellers are likely to strongly defend the $70,000 to $73,777 range.

The first sign of weakness would be a break and close below $65,000, which could lead to a drop to the ascending trend line at $62K. If the price bounces back from the 50-day EMA, the bulls might attempt another push to $70,000.

However, if the price breaks below $62K, it would indicate that the bulls have lost momentum, potentially leading to a further drop to the 50-day simple moving average (SMA) at $60,987. $BTC