Over the past week, Bitcoin (BTC) has shown signs of a slight recovery after breaking above $66,500, a key resistance level. This critical area has been tested several times and is an important target to confirm the short-term uptrend. However, BTC is still locked in a consolidation between $59,000 and $66,500, an area where selling pressure remains significant. The market is showing buying interest, but the momentum is not yet strong enough to break above this level in a sustained manner.

This week’s technical analysis also reveals that the 50-day moving average has been re-entered, which is a positive sign, but the cryptocurrency remains below its 200-day moving average, questioning the stability of the medium-term trend. Indicators such as momentum and oscillators show a see-saw pattern, with a slight uptick followed by minor corrections.

Short-term outlook:

If BTC manages to close above 63,500 11112781330 and then break above $66,500, it could pave the way to 68,500 11112781330 and beyond. This would be a strong signal of a stronger bull market recovery.

Otherwise, a correction towards 59,000 11112781330 remains a possibility, especially if selling pressure increases at these levels.

Investor advice:

In the short term, investors should closely monitor the critical levels around 66,500 11112781330 and be ready to react quickly depending on the market direction. A rise above this level could herald a new bullish wave.

For longs, now may be a good time to accumulate, especially in corrections below $60,000, with a long-term view. The 2024 halving could fuel a new bull run, potentially pushing the price towards $67,000 by year-end and well beyond in 2025.