Bitcoin Price News: Post-SOTU Rally Hits Key Resistance at $66,000

Bitcoin (BTC) has gone up by 3.5% in the past 24 hours following President Donald Trump’s long State of the Union speech.

The price just hit a key resistance at $66,000 that could determine whether this is the start of BTC’s recovery or another “dead cat bounce.”

Trading volumes have actually dropped by 12% despite the uptick, questioning the sustainability of the rally.

Liquidity remains relatively thin as traders’ interest in BTC continues to be quite muted.

Data from Artemis shows that weekly trading volumes hit the lowest level since the beginning of January, indicating weak participation as the price action remains relatively stalled.

Whale Holdings Unchanged Despite Latest Recovery

On the other hand, on-chain data from Santiment shows that, even though a group of whales seems to have been acquiring Bitcoin lately, the net change among wallets holding between 100 and 1 million BTC is zero, with the total balance held standing at 16.5 million tokens.

 

 

BTC Balance of Addresses (Whales) – Source: Santiment

Meanwhile, open interest in USD has declined to its lowest level since October 2024 at $18.8 billion. Back then, a strong rally was about to begin as President Trump would be elected just a month later.

Furthermore, the NVT Ratio, a metric that tracks the relationship between Bitcoin’s market cap and the number of tokens transacted in a given day, spiked recently. This highlights increased network activity at a point when BTC is bouncing off a key support.

Bullish Breakout Above $66K Could Be an Early Buy Signal

Looking at the 4-hour chart, we can see that Bitcoin has been trading relatively range-bound between $62,000 and $66,000.

Right now, the token is hitting this key resistance. The price action needs to rise above it to confirm that this post-SOTU rally is accompanied by rising buying pressure.

Volumes currently don’t show that, but we would have to wait for the American session to begin to either confirm or invalidate this view.

The Relative Strength Index (RSI) did send an early buy signal, as the oscillator rose above the 14-period moving average, indicating that positive momentum is accelerating.

If we get a bullish breakout above $66K, the next stop for the top crypto would be the $70,000 area. This means a 7% upside potential.

Sentiment Remains Depressed But Contrarian Signals Keep Piling Up

In addition to offering an interesting short-term trade, breaking past this mark could indicate the beginning of a trend reversal in the mid-term at a point when contrarian signals have been emerging.

Sentiment remains heavily depressed, with social volumes showing that the market has fully shunned cryptocurrencies.

The Fear and Greed Index is currently sitting at 11, meaning that investors have panicked over BTC’s latest retreat.

Heading to a lower time frame, we got a strong buy signal during the SOTU speech. This system tracks “decisional” candles featuring above-average volumes and specific candle patterns.

If volumes keep rising during the American session and the price breaks past $66,000, we might expect a short squeeze that could push BTC rapidly to higher ground as the market remains heavily one-sided toward the bearish end.