Bitcoin has finally broken above and into the $66k-$67k resistance zone, which is objectively a very strong move that could affect the macro outlook if we get the following confirmation:
First, we must see this level hold strong heading into the weekly close, which is still five days away and A LOT can happen in five days. I’ve mentioned MANY times that a weekly close above $66k would be objectively bullish, but that’s the key. We must see where the weekly close occurs before jumping to conclusions.
We saw something very similar a few weeks ago when we rallied to $67k and then rejected before closing the weekly candle back below $66k. This move does not mean anything from a macro perspective until we get weekly close confirmation.
With that being said, this rally has been quite impressive, and it could very well continue higher into the next major resistance on the VRPV at $70k. We would then also need to break that level before we can further increase the probability that the macro bottom is in.
Keep a VERY close eye on this level over the coming days as we head into the weekly close. This might be the most important weekly candle close we’ve seen in months.
