- Summary:
- Bitcoin price is back up above the crucial level of $65,000. However, it has reacted rather subtly to the Taproot upgrade.
Bitcoin price is back up above $65,000 after dropping from its record-high to below this crucial level in the previous week. While the rebound is noteworthy, it is rather subtle considering the crypto’s biggest upgrade took place in the previous session.
On Sunday, the Taproot program was activated as a means of enhancing efficacy and privacy. Notably, this is the first upgrade for the cryptocurrency in four years. In the ensuing sessions, investors will be keen on how the market reacts to the crucial event.
Bitcoin price prediction
BTC is back up above the crucial resistance-turn-support level of 65,000 after dropping from its all-time high to below 65,000 in the past week. Over the past four sessions, it has been a crucial resistance level with the crypto falling to 62,355.11 on Friday.
At the time of writing, Bitcoin price was up by 0.42% at $65,780.45. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, I expect it to remain above the crucial level of 65,000. On the upside, the bulls are striving to break the resistance at 66,204.79. Past that point, the zone to look out for will be 67,500 as the bulls focus on retesting and surpassing the record-high hit in the previous week. On the flip side, a move below 65,000 will likely have Bitcoin price find support at 63,558.
