- Summary:
- The $66k mark previously served as a resistance level for Bitcoin price, but it is turning out to be a key support level.
Bitcoin price declined on Wednesday, going down by 2.3 percent at the time of writing to trade at $65,812. The crypto bellwether has been on a descending trajectory in the last two sessions following its rejection near the psychological $70k mark on Monday. Notably, the coin’s performance mirrors that of the stock market, which has declined since Monday as risk aversion takes over and US treasury bond yields rise.
BTC enters key support region
The $66k mark previously served as a resistance level for BTC in late September as seen on the chart below. However, that level currently serves as a support level. Therefore, Bitcoin price will need to stay above that level to maintain momentum for the upside action toward $70k in the near-term. A break below that level will raise pressure on BTC, as it will need to stay above the psychological support at $65k to avoid a sharper decline.
BTCUSD daily chart and price action around $66k
However, as Bitcoin is currently above the 20 and 50- Exponential Moving Average (EMA) levels on the daily chart, it has a strong bullish hold that will likely provide support in the near term. Fundamentally, Bitcoin price is hinged on the US presidential elections, where a Donald Trump win could shift the scales in its favour.
Bitcoin price prediction
Bitcoin price pivot is at 66,280, and the sellers will be in control if resistance persists at that level. With that, the downside could find initial support at 65,700. However, if the downward momentum strengthens, it could break below that level to test 65,220.
Conversely, action above 66,280 will signal control by the buyers. That will likely see the establishment of the first resistance at 66,865. An extended control by the buyers will breach that level, and could take the coin further up to test 67,325. Meanwhile, the downside narrative will be invalid at that point.
