Bitcoin surges past $66,000 – Are the bulls here to stay now?

Bitcoin bulls are back again, with a buying pressure strong enough to push the crypto queen past the $66,000 mark for the first time in four months. The BTC/USD chart paints a clear picture of bullish momentum. But are the bulls here to stay?

BTC goes bullish all the way

Bitcoin’s chart shows some interesting patterns and indicators that tell us the bulls are strong. The double bottom has formed around the $63,800 level, meaning that’s where the bullish reversal happened.

The moving averages tell a similar story. Bitcoin is trading above the 20-day EMA at $65,134, the 50-day EMA at $64,988, the 100-day EMA at $64,394, and the 200-day EMA at $63,801.

This proves that the short-term, medium-term, and long-term trends are all bullish. The Ichimoku Cloud adds to the bullish sentiment. The conversion line (Tenkan-sen) is at $65,293.23, showing short-term price action.

The base line is at $64,976, representing the medium-term trend. The lagging span is above past price levels. The cloud area between $65,134 and $64,892 provides future support and resistance levels, confirming the bullish trend as Bitcoin trades above the cloud.

The MACD line is at 227.11, crossing above the signal line at 331.48. The histogram bars are positive and increasing, which supports the bulls. Especially with the fast line at 558.60 and the slow line at 331.48.

On-chain data is also really favorable for Bitcoin. Right now, 93% of Bitcoin holders are in profit, with 7% at break-even, and 0% at a loss.A majority (71%) of Bitcoin holders have held their positions for over a year, showing strong long-term conviction.

The 24% who have held for 1-12 months indicate mid-term confidence, while 5% have recently entered the market, reflecting fresh interest and potential for short-term trading. The overall sentiment is mostly bullish, with a few neutral on-chain signals and no bearish indicators.

Immediate support is seen around $64,800, which aligns with the 200-day EMA. Resistance is at $66,500. A convincing break above this resistance could lead to further upward movement, potentially targeting the $68,000 level in the short term.

But failure to maintain the $65,000 support level could lead to a short-term pullback, possibly testing the $64,500 support provided by the 100-day EMA.

Reporting and analysis by Jai Hamid