#BTC is showing strong momentum with its price currently hovering around $64,088. The market sentiment has been buoyed by a 9% surge this week, largely driven by positive investor sentiment and significant inflows into U.S. spot Bitcoin ETFs. This uptick followed remarks from U.S. Federal Reserve Chair Jerome Powell, who hinted at potential decreases in interest rates, fueling optimism in the market.

Technically, Bitcoin has broken out of its recent trading range between $57,500 and $62,000, reaching a weekly high of $65,000. However, it faces strong resistance at $66,500. A close above this level could push BTC towards the next resistance zone around $73,777, though it may struggle to maintain momentum without further bullish catalysts.

From a broader perspective, the Bitcoin Rainbow Chart suggests that BTC is in the "Accumulate" zone, indicating that while prices are rising, they are still considered favorable for long-term accumulation. Should Bitcoin breach the $59,125 mark, it could enter the "Still Cheap" zone, signaling continued opportunities for investors, but also hinting at the potential for increased volatility as it approaches the psychological $70,000 level.

Overall, while Bitcoin's outlook remains positive, it is crucial to monitor key resistance levels and market sentiment to gauge whether the recent rally can be sustained.