Right now, the token is hitting this key resistance. The price action needs to rise above it to confirm that this post-SOTU rally is accompanied by rising buying pressure.
Volumes currently don’t show that, but we would have to wait for the American session to begin to either confirm or invalidate this view.
The Relative Strength Index (RSI) did send an early buy signal, as the oscillator rose above the 14-period moving average, indicating that positive momentum is accelerating.
If we get a bullish breakout above $66K, the next stop for the top crypto would be the $70,000 area. This means a 7% upside potential.
Sentiment Remains Depressed But Contrarian Signals Keep Piling Up
In addition to offering an interesting short-term trade, breaking past this mark could indicate the beginning of a trend reversal in the mid-term at a point when contrarian signals have been emerging.
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, meaning that investors have panicked over BTC’s latest retreat.