Bitcoin price gains to $66.3K as range breakout attempt sparks 1-month high

COINTELEGRAPH ·

Bitcoin (BTC) passed one-month highs on Tuesday as price action defied the odds to top $66,000. Bitcoin broke through resistance to hit $66,000 for the first time in more than a month. Traders see as much as 6% BTC price gains if further nearby upside targets are reached. Month-end derivatives positioning underscores crypto risk confidence slowly returning. BTC/USD hit highs of $66,306 on Bitstamp, according to TradingView data. That’s a level last seen on June 17. BTC/USD one-hour chart. Source: Cointelegraph/ TradingView A series of rejections around the $65,000 mark had failed to quash traders’ enthusiasm, with calls for $67,000 or higher gaining momentum. Those short-term predictions continued on the day, with key psychological levels around $70,000 now on the horizon. “$BTC reclaimed the range lows, and is now pushing higher - as expected,” trader Jelle wrote in his latest analysis on X. Short liquidations began to mount as the BTC price broke through range highs, with data from CoinGlass putting 24-hour cross-crypto liquidations at around $200 million. BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass “$BTC has reclaimed the $65,000 level. The next key resistance is $67,500-$68,000, which means Bitcoin has some room to pump,” trader Ted Pillows said . BTC/USDT one-day chart. Source: Ted Pillows/X Concerns had accompanied the start of the latest move, with commentator Exitpump seeing closing short positions fueling the upside. “There’s very little real buying interest here,” they warned X followers while analyzing derivatives markets. Observing options trends, trading company and market maker QCP Capital flagged “some demand” for higher Bitcoin bets into the end of July. Related: Trader maintains $67K BTC price target: Five things to know in Bitcoin this week Here, it noted the US Federal Reserve would hold its next meeting on interest-rate changes, with chair Kevin Warsh potentially offering fresh insight into future policy. As Cointelegraph reported , market expectations remain that the Fed will leave rates unaltered before September. CME Group’s FedWatch Tool shows 83.4% probability that policy makers will stick with the current target range of 3.50-3.75% at their July 29 meeting. For the Sept. 16 FOMC meeting, there’s a 53.8% probability of a hike to 3.75-4.00%. “There has been some demand for month-end BTC upside,” Monday’s QCP Market Colour analysis said. QCP referred to the US-Iran war once again closing a key global oil route.

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Bitcoin has hit a one-month high, surpassing $66,300, showing strong upward momentum. This price surge follows a successful breakout from the existing trading range, significantly improving market sentiment. Investors should closely monitor trading volume to determine if this is a temporary spike or the start of a sustained uptrend.

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