Bitcoin (BTC) hit above a short-tern downward trend and seems poised to retest its ATH price high of about $68,000. The leading cryptocurrency was changing around $67,984 as of now, and is up by almost 2.92% in the last 24 hours.
The upward momentum is improvising after a two-week consolidation phase of between $60K and $64K. A confirmed breakout from that consolidation will need a minimum of two continuous daily closes near $66,900. If, another all-time high might be there, analysts suggest further upward trend for Bitcoin’s price, initially leading towards $86,000 resistance level.
Bitcoin Setback to Remain Limited Around Price Support Level
Currently, intraday data seems to be overbought into Asian trading hours, though, setback should remain limited provided strong support level around $60,000 to $65,000. Seasonal strength in the last quarter might support the current bullish activity for the next two months.
Equities and digital currencies are ascending as central banks in Europe and the U.S. have all the earmarks of being in no hurry to raise interest rates. Regardless of plans to ease monetary improvement, market members by and large view low-interest rates as supportive for resources considered to be dangerous.
All things considered, when occasional strength for cryptos and equities fade, one year from now could be hard for hazard resources. For the time being, diagrams propose further potential gain in bitcoin in the event that a breakout above $66,000 is affirmed for the current week. Regardless of lower exchanging volume in the spot market, ether’s choice volumes have ascended to their most significant level since May.
Glassnode noted in its week after week report on Monday that bitcoin’s adjusts on trades kept on dropping, while Bitcoin mining hashrate, a proportion of the absolute computational power being utilized to get the Bitcoin blockchain, could return new unequaled highs before the year’s end.