Bitcoin Bounces Back Above $65K, Bulls Eye Higher High

The Bitcoin price has recovered from its recent dip to $64,600, and it appears that the rally that started in early July is back on track. The bulls are eyeing a higher high above $67K as their initial target for this bounce.

A look at the 4-hour chart reveals that the price bounced off a shorter-term trendline, and as long as it can confirm above the key $65,600 resistance, no harm will have been done. The next step for the bulls is to push the price to a higher high of just under $67K for this current wave of price action.

The daily chart shows that the price is in a good position for a bounce from the top of the descending channel after a confirmation of the breakout. However, if the price falls through the combined support of the top of the channel and the short trendline, a return to the bull market trendline could follow.

The weekly candle close is crucial at this point, as a close above $65,600 would leave the path open to a $BTC price increase to over $73K. This comes after whales were said to be loading up as the price fell below $60K and U.S. Spot Bitcoin ETFs have returned to inflows.