Bitcoin (BTC) Hit an All-Time High Above $66K on Wednesday

October 21, 2021

Bitcoin Still Exchanging in Bullish Movement

Bitcoin’s (BTC) cost made a new record-breaking high above $66,000 on Wednesday and could proceed higher as bullish momentum improves, value chart indicators propose.

The cost of the world’s biggest cryptocurrency by market capitalization has completely recovered from a close to half amendment recently, which balanced out around the $30,000 support level. From that point forward, purchasers reacted to oversold conditions and kept on collecting long positions, expecting the stock’s value will ascend over the long haul.

An effective breakout would require a daily close above $65,000, which would yield potential gain focuses toward $74,000 and $86,000.

High Price Resistance of Bitcoin Expected Around $74K

A higher degree of resistance is seen around $74,000, which could momentarily slow down the current meeting. Notwithstanding, purchasers will probably stay dynamic over the $60,000-$65,000 support range given positive momentum signals on the weekly outline.

In case support is held, bitcoin (BTC) could see further potential gain toward $86,000, which depends on a deliberate move from the Oct. 1 breakout over the 200-day moving average.

The relative strength index (RSI) on the daily chart is the most overbought since February, currently perusing around 78, which went before a concise value pullback. Notwithstanding, by then, BTC kept on energizing around 10% prior to hitting the April record-breaking high of $64,899, after which potential gain momentum eased back.

BTC should see kept purchasing pressure and an everyday RSI perusing over 50 to 60 to keep the current meeting flawless. Blockchain indicators additionally highlight further potential gain for bitcoin. For instance, BTC’s market-value-to-realized-value (MVRV) ratio proposes that the cost isn’t at this point overvalued.

MVRV as of late broke over the 2.0 level interestingly since May, which likewise happened during the beginning of bitcoin’s 2020 bull run.

Give a look at:-Bitcoin Rose to Six-Month High Around $63K

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