Bitcoin surged past $66,300 on Tuesday, breaking above a key resistance level that had capped the cryptocurrency for weeks, Cointelegraph reported. The move marks the asset’s highest level in over a month and has reignited optimism among traders who see room for further gains if momentum sustains.
The breakthrough came as Bitcoin cleared a local ceiling near $66,000 that had rejected multiple advance attempts since late June. Analysts cited by Cointelegraph noted that a decisive close above this zone could open the door to a 6% upside move, targeting the $70,000 psychological mark. The rally coincided with a notable uptick in trading volume, suggesting conviction behind the move rather than a low-liquidity squeeze.
Market observers pointed to a confluence of supportive factors. U.S. spot Bitcoin ETFs extended their net inflow streak to five consecutive sessions — the longest such run since early May ‒ with Tuesday alone seeing over $227 million in fresh capital, according to Cointelegraph citing Farside Investors data. The sustained institutional demand has provided a steady bid underpinning price action even during quiet Asian and European sessions.
On-chain metrics reinforced the constructive tone. Glassnode data cited by Cointelegraph showed a decline in Bitcoin held on exchanges, suggesting holders are moving coins into cold storage rather than preparing to sell. Meanwhile, the funding rate across major perpetual futures markets remained positive but not excessive, indicating leveraged longs are not yet overextended.
Technical analysts highlighted the significance of Bitcoin reclaiming its 50-day moving average, a level that had acted as dynamic resistance during the recent consolidation. A weekly close above $66,000 would confirm the breakout and likely trigger systematic buying from trend-following strategies.
Still, some cautioned that macroeconomic headwinds persist. The Federal Reserve’s policy path remains uncertain, and any hawkish surprise in upcoming inflation data or Jackson Hole commentary could reintroduce volatility. For now, though, the burden of proof has shifted to the bears. As one analyst told Cointelegraph, “The path of least resistance is higher until $66,000 breaks back down as resistance.”
Source: Cointelegraph
