Bitcoin Price Holds Above $66K as Technical Setup Points to More Upside

The Bitcoin price is trading at $66,443 as of 3:00 am EST, barely changing over the last 24 hours.

BTC's price action last week has been affected by a myriad of issues including geopolitical tensions in the Middle East and the Bitcoin halving which happened last week. BTC price dropped at every Wall Street open as U.S. investors reacted to the escalating issues between Israel and Iran.

Now that the halving is behind us and Israel and Iran both say they are "satisfied," market participants expect the big crypto to lead other cryptocurrencies in a "parabolic uptrend."

Let us look at Bitcoin's technical set up and see where the price is headed next.

Bitcoin price reclaims the 50-day EMA

BTC's price action since April 18 has seen the flagship cryptocurrency flip a key level into support. This is the 50-day exponential moving average (EMA) which the BTC price broke above on April 20, the day of the halving.

In addition, the moving average convergence divergence (MACD) indicator was about to send a call to buy Bitcoin on the daily chart. This will happen when the 12-day EMA (blue line) crosses above the 26-day EMA (orange line) suggesting that the market conditions have flipped bullish.

As such, the price could turn up from the current level toward $68,000. Above that the psychological levels at $70,000 and $72,000 are the next levels to watch. Breaking this level would see the price return to the all-time high above $73,800 and later into price discovery.

TradingView Chart: BTC/USD

On the downside, the MACD was still moving within the negative region, a suggestion that the downside was not over.

As such, the price may drop from the current levels toward the 50-day EMA and later to the psychological level at $60,000. This is where the downside may be capped for the largest cryptocurrency by market capitalization.