Bitcoin Hits Key Resistance at $66K Amid Low Volumes and Depressed Sentiment

The Bitcoin price has been making headlines in recent days, and one key level is being closely watched by traders.

A look at the BTC/USD 4H chart shows that the price has hit a key resistance point at $66,000. This is a critical juncture for the token, as it needs to break above this level to confirm rising buying pressure.

While volumes are currently low, a bullish breakout above $66K could have significant implications for the market. If the price rises above this level, it could reach the $70,000 area with a 7% upside potential.

The Relative Strength Index (RSI) has also sent an early buy signal, as the oscillator rose above the 14-period moving average. This indicates that positive momentum is accelerating and could be a sign of a trend reversal in the mid-term.

Despite the promising signs, sentiment remains heavily depressed, with social volumes showing that the market has fully shunned cryptocurrencies. The Fear and Greed Index is currently sitting at 11, indicating that investors have panicked over BTC’s latest retreat.