Bitcoin has broken through its resistance level and reached $66,306 on Bitstamp for the first time in over a month. This surge in price action has traders looking for further upside targets, with some predicting as much as 6% gains.
The recent rejections around the $65,000 mark had failed to quash enthusiasm, with calls for $67,000 or higher gaining momentum. Traders such as Jelle and Ted Pillows see the area between $65,000 and $67,500 as key resistance levels.
Short liquidations have begun to mount, with 24-hour cross-crypto liquidations reaching around $200 million, according to data from CoinGlass. However, this has not deterred traders, who believe that if Bitcoin manages to reclaim the $68,000 resistance level, it could rally another 5%-6% very quickly.