Bitcoin needs boosters to breach all time high
The pioneer crypto asset overcame the significant $65,000 resistance mark for the first time since September 30
Bitcoin (BTC) was trading close to $65.8K in the early hours of Tuesday. The pioneer crypto asset overcame the significant $65,000 resistance mark for the first time since September 30.
The fact it rose more than 10% from its lowest point this month and 32% from its August low indicates that the market is in a bull market. The spike in Bitcoin coincided with a strong rally in the global share market after Chinese officials announced several stimulus programs.
Data from CryptoQuant highlighted the demand for the largest asset by market capitalization has been continuously increasing since April 2024
This increases the likelihood of Bitcoin’s upside in the mid-term. However, Bitcoin is 12 percent below its peak. To validate a bullish breakout from the descending channel pattern on the weekly time frame, the asset must close above a crucial resistance level at $66,849. Bitcoin may try to reach its all-time high of $73,777 if it can successfully breach the $70K resistance line.
Price action on Bitcoin’s monthly chart shows the digital asset might see additional long-term gains. It demonstrates that since reaching its top of $68,856 in 2021, Bitcoin’s price has been on a cup-and-handle pattern. This year, it retested the level and created a rounded bottom.
Such price patterns, usually come before a significant bullish breakthrough, amid the most recent consolidation. The midpoint, or roughly $60,000, is a critical support level for Bitcoin, affirming an underlying negative momentum in Bitcoin is likely slowing down.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars gradually getting smaller beneath the neutral line. Traders should look for a crossover of the MACD line above the signal line to confirm a trend reversal.
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