Bitcoin Rally Pauses at $66K, What’s Next for BTC?

• Bitcoin struggles to maintain the key support level at $65,390.
• Maintaining the level above $65,390 is crucial for the bull run to continue.

Bitcoin (BTC) price is experiencing pressure to maintain the key support level at $65,390. It is crucial for the price to remain above this support level to sustain the bullish trend, which targets the $70,000 level.

It is essential to maintain this support level for the continuation of the upward movement; if the price falls below the $65,390 support level, it may signal a potential downward trend and bring in further risk, likely triggering a new bearish outlook.

This could pave the way to a negative target, beginning at $63,135 and wrapping up at $60,252. Therefore, maintaining the level above $65,390 is crucial for the bull run to continue.

Bitcoin started an accumulation phase from the $66,500 resistance level. Now BTC price is trading above $65,000 and the 100-hourly simple moving average. During the time of writing, BTC traded at $65,605.04, a decrease of 0.32% in 24 hours as per data from CMC.

According to the current BTC movement, experts predict Bitcoin’s price may reach $67,560 by the end of May. If Bitcoin surpasses the predicted level of $67,560, it could climb to $79,186.

Conversely, if BTC fails to maintain crucial support at $66,000, it may decline to $65,200. That will trigger further losses and potentially dropping to $64,600, and even lower to $63,750.

BTC Miners in Despair

On-chain data shows that the Bitcoin Miner Price metric has come beneath the Electrical Cost of BTC for the fifth time. Charles Edwards, founder of Capriole Investments, pointed out a few progress in the case of Bitcoin miners in a new post on X. Two major indicators affecting are the Electrical Cost and the Mining Price, which is currently on decline.

Edwards suggests the decline in Bitcoin Miner Price and Electrical Cost indicates miners may struggle to cover electricity expenses per BTC mined, as they divide transaction fees associated with 1 token by total BTC mined, indicating insufficient revenue from 1 BTC to cover costs.

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