Bitcoin Rallies Towards $66K Resistance

Bitcoin's price has been on a rollercoaster ride in recent weeks, but it seems to be setting up for a rally. After dipping below the bull market trendline at $62,660 last Sunday, the price shot up to $64,500 on Monday.

The upward momentum was strong enough to form a potential bull flag, with some lateral chop potentially turning into a break higher. This could propel the price back towards the key resistance level of $66K.

Two other technical patterns also support this thesis: an inverse head and shoulders bottoming pattern and bullish divergence in the Stochastic RSI indicator lines. These indicators suggest that the current dip may indeed be the bottom that investors have been searching for.