Bitcoin shows resilience, hold $66K support line

Bitcoin is up for the day after making a remarkable comeback from its previous dip to $63K during yesterday morning’s trading session. On the Binance exchange, it managed to chart a local daily high of $67,400 but dropped to where it is trading at $66.5K.

Even so, this is still a strong performance, and the bulls may be now consolidating ahead of a fresh rally toward the $70K mark.

The selling pressure from bitcoin whales is decreasing as the price of Bitcoin has risen over the last seven days and is now above $66.5K. Large Bitcoin sellers are running out of steam, and valuation metrics affirm a bullish momentum.

There is conjecture on whether it can reach $69,000, but traders are closely watching to see if it can remain above the long-monitored important support $65,000 mark.
Before the recent rally, Bitcoin hadn’t touched $67,000 since June 12, and traders seek further bullish signs pointing to a potential increase.

The bitcoin price has recovered to the Short-Term Holder Realized Price, a crucial metric for traders since it represents the total expense incurred by more speculative holders of the cryptocurrency—wallets holding it for 155 days or fewer.

This follows a turbulent month for Bitcoin, which dropped below $60K to $53.9K on July 5 before climbing again. The CryptoQuant Network Value to Transactions (NVT) Ratio is a crucial instrument for examining changes in the market. It generates either short- or long-term signals by comparing the short- and long-term NVT patterns.

A market top is indicated by an NVT value above 2.2, but a market bottom is suggested by a value below -1.6, which indicates overselling. Currently, local bottoms are indicated by an NVT value of less than -1.8. In the near term, there may be positive action if the 111-day moving average (DMA) remains above $65,000. These indicators confirm an oversold market that might be ready for a reversal.