Bitcoin's Brief Rally Fades as Resistance Looms Near $66,500

Bitcoin has started the week on a positive note by stabilizing above the $62,300 support level. Despite this stabilization, Bitcoin remains below its key moving averages and technical indicators suggest continued selling pressure.

The Relative Strength Index (RSI) is at 43, indicating neutral-to-weak territory, while the Moving Average Convergence Divergence (MACD) indicator remains in negative territory. This reinforces the view that sellers retain an advantage despite Bitcoin's ability to stabilize above $63,000.

Bitcoin faces a strong resistance cluster near $66,500, which includes the 100-day EMA at $66,388 and the horizontal resistance level at $66,500. A move above this average could encourage buyers, but would still leave Bitcoin vulnerable to renewed selling pressure until it breaks through this region.