Rally

Bitcoin

<ul>
 <li>Bitcoin struggles to maintain the key support level at $65,390.</li>
 <li>Maintaining the level above $65,390 is crucial for the bull run to continue.</li>
</ul>
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 <a href="https://thenewscrypto.com/jpmorgan-raises-bitcoin-production-cost-estimate-to-45k-from-42k/" target="_blank" rel="noopener noreferrer nofollow">bullish trend</a>, 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.&nbsp;
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.&nbsp;
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 <a href="https://thenewscrypto.com/bitcoin-price-analysis-btc-struggles-to-break-30000-mark/" target="_blank" rel="noopener noreferrer nofollow">price</a> may reach $67,560 by the end of May. If Bitcoin surpasses the predicted level of $67,560, it could climb to $79,186.&nbsp;
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.
<h3 class="wp-block-heading" id="h-btc-miners-in-despair">BTC Miners in Despair</h3>
On-chain data shows that the Bitcoin <a href="https://thenewscrypto.com/bitcoin-mining-difficulty-drops-significantly-boosting-profits-for-miners/" target="_blank" rel="noopener noreferrer nofollow">Miner Price</a> 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.&nbsp;
<a href="https://x.com/caprioleio/status/1791081927237357975" target="_blank" rel="noopener noreferrer nofollow">Edwards</a> 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.
Highlighted news of the day:
<a href="https://thenewscrypto.com/whale-takes-significant-profit-from-shib-after-extended-hold/" target="_blank" rel="noopener noreferrer nofollow">Whale Takes Significant Profit from SHIB After Extended Hold</a>

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

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