After briefly rallying above $66,000 in the past two days, Bitcoin’s (BTC) price stabilized above $65k on Friday. The flagship coin has consistently traded above the 50-day Moving Average (MA), a clear indication that the bulls are in control. 

Nonetheless, Bitcoin’s price is not completely out of the woods. It could retrace further below $60k before establishing a robust uptrend.

Bitcoin Wins Over Wall Street 

In the past year, Bitcoin price has heavily benefited from the ongoing mass adoption by institutional investors and clearer regulatory frameworks, particularly in the United States. 

On Thursday, the US Senate voted overwhelmingly to overturn the SAB 121, a rule by the U.S. SEC to restrict banks from holding crypto assets. 

Currently, the US President, Joe Biden, is expected to either approve or veto the legislation, which could greatly impact the upcoming presidential elections.

Midterm Price Targets

Bitcoin’s dominance, currently at around 56 percent, has continued to grind higher in recent times, thus delaying the anticipated altseason. On-chain data shows that Bitcoin whales have dramatically decreased their activities, thus increasing the likelihood of a bullish uproar in the coming weeks.

According to a popular crypto analyst, Captain Faibik, Bitcoin prices must consistently close above the resistance level of around $68k in the coming weeks to validate a rising trend.  The crypto analyst has set a Bitcoin price target of around $86,000, coinciding with the 2.618 daily Fibonacci Extension.

Furthermore, the crypto analyst highlighted that Bitcoin price has formed a bullish pennant since recently reaching its all-time high (ATH) of around $73k.

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