Last Thursday, Bitcoin reestablished support above the important $60k level following a quick recovery from a small retracement phase. The price currently appears strong as it resurges on a daily scale.
Bitcoin’s price is growing stronger daily but trading is still captured in a falling channel for over seven months. However, it saw a major recovery last month after testing $53k, located at the channel’s lower boundary.
The bears intercepted the move at the $66,500 level in late September and pulled the price down. This pullback brought some weakness earlier this month but later found support above the important $60,000 level.
It bounced back and failed to surpass the previous monthly high as the bears intercepted the move again. That led to a drop to around $58,950 – now the current monthly low – but the bulls reacted strongly to the drops and defended the mentioned important level. BTC reestablished support above it last Thursday and began to show signs of strength again.
Closing strong above $62k that week, Bitcoin advanced higher today to retest last week’s $64,500 high which has been a key barrier level for buyers in the past two weeks. Even if the price scales through it, Bitcoin must surpass September’s high before considering a break out of the mid-term falling channel. As of now, the bulls are back in action.
BTC’s Key Levels To Watch
While $64,500 is posing a threat, the $66,500 resistance is another major obstacle for buying before testing the channel’s upper boundary at $68k, where a breakout lies. Above this channel lies $70,080.
The only consideration for bearish right now lies in a crack below $60k. If that happens, Bitcoin’s next support levels would be $57,500 and $55,000.
Key Resistance Levels: $66,500, $68,000, $70,080
Key Support Levels: $60,000, $57,500, $55,000
- Spot Price: $63,919
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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