Bitcoin breaks bearish trends, hitting a higher high, signaling bullish momentum as it targets $66,000 in the short term.
Strong support from the MA50 and bullish market sentiment boosts confidence in Bitcoin’s rise to the $66,000 region.
Global liquidity recovery suggests broader market strength, further fueling Bitcoin’s bullish trajectory and capital inflows.
For the first time, the price of Bitcoin is above $65,000 all-time high. Bearish experts, expecting a decline, clung to the pattern of higher highs and lower lows for weeks. Bitcoin's price has recently increased, though, defying this theory and shocking a lot of people by demonstrating the strength of the market. A beneficial move that is primarily responsible for the present greater gain was spurred by bullish momentum and Bitcoin's retest of the 50-day moving average (MA50).
https://twitter.com/DrProfitCrypto/status/1842920968051687831 Technical Overview: Bitcoin Targets $66,000
Bitcoin is currently trading at around 62,106 USD, with the MA50 positioned below its price. This test of the MA50 support area demonstrates the market's resilience and the bullish sentiment driving Bitcoin's price higher.
Additionally, premium signals provided earlier have positioned traders with long positions in the $60-61k range, already yielding profits. Long positions remain a focus, as many traders are targeting the $66,000 region in the short term. This target is based on solid market data and technical analysis.
Significantly, the bullish momentum is reinforced by a positive market outlook. Doctor Profit, a well-known analyst, has set a new target of around $66,000. He plans to add more to his existing long positions around $60,400 if the market revisits this area, expecting Bitcoin to continue its upward trajectory.
Broader Market Sentiment: Global Liquidity Surge
Moreover, global liquidity is forming a perfect reversal, indicating a broader bullish market for both Bitcoin and stocks. The global liquidity index, following its cyclical trend, shows signs of recovery after a significant decline in recent years. It is anticipated that this boom will last until 2026, in line with the present bull market. As a result, investors should anticipate higher capital inflows into Bitcoin, which will further bolster its positive momentum.
The post Bitcoin Soars to New Heights as It Defies Bearish Predictions at $65,000 appeared first on Crypto News Land.
