Bitcoin Processes Over 1 Billion Transactions: Why Is BTC Still Below $66,000?
Bitcoin is firm at press time but bulls have failed to close above the $65,000 and $66,000 resistance zone. Sentiment remains bullish

Bitcoin rose over the weekend, trading above an important resistance level in the daily chart. Even though there are signs of strength, there must be a conclusive close above the recent chop. Of note, prices must firmly close above the middle BB or the 20-day moving average. As such, yesterday’s bears must be reversed, volumes must be high, and the resulting bar must be ideally wide-ranging and green.
At press time, Bitcoin is down roughly 2% on the last day but stable in the previous trading week. For the uptrend to resume and bulls to build on recent higher highs, there must be a sharp surge in trading volume. As it is, participation is decent, at around $30 billion. However, it remains tapered and lower than average.
The following Bitcoin news events will influence price action:
- Since its launch, the Bitcoin network has processed over 1 billion transactions. The 1-billionth transaction was posted on May 5.
- Despite waning momentum and shifting sentiment, the surge over the weekend lifted Bitcoin to a two-week high. Analysts are confident that the downside momentum and the retracement from all-time high could be ending.
Bitcoin Price Analysis
BTC/USD remains weak at press time.
Even though Bitcoin marched higher over the weekend, the rejection at the middle BB should be a concern.
Nonetheless, analysts are bullish, expecting further gains.
Going forward, a close above $66,000 and, preferably, $68,000 is necessary for this to happen.
The break should also have higher participation. If these conditions are met, BTC will quickly fly to $70,000 and even $73,800 in a buy trend continuation formation.
Conversely, if bears follow through and confirm yesterday’s losses, BTC risks retesting May lows at around $56,500.
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