Bitcoin Explodes: 70% of BTC Traders Bullish, Up Next $74,000?

Bitcoin is in an uptrend following the extension of the leg up over the weekend. Technically, buyers are still in control, and as long as the support is around $66,000, it is increasingly high that BTC will crack $70,000. Today, traders will be watching whether buyers will continue pushing up, confirming the gains of last week. Preferably, the uptrend can see the coin crack the round number and float above July highs. If not, prices might consolidate, perhaps even contracting. All the same, the immediate support must be held, confirming buyers from mid-October.

Traders are optimistic about what lies ahead. Fundamental factors will shape how fast prices react in the coming sessions. Before then, the region between $66,000 and $70,000 remains crucial. In the past day and week, the coin has been flat, and the average trading volume has also been lower, shrinking to around $16 billion.

Bitcoin Daily Chart for October 21

The following Bitcoin news events are trending:

  • Despite the consolidation, prices are firm, explaining why most holders are bullish. According to a CMC poll, over 70% of all traders expect prices to float higher.
  • Despite the recent leg up, analysts predict ETH will outperform the world’s most valuable coin. Over the past few months, BTC has been stretching gains versus ETH despite the approval of spot Ethereum ETFs in July.

Bitcoin Price Analysis

ETH/USD is rising at press time and changing hands above $69,000.

The local support is $66,000, while resistance is at $70,000.

Since prices are still inside last week’s range, every low above $66,000 could offer entries for optimistic buyers.

If prices expand rapidly, any leg up above $70,000 will form the basis for the next rally to all-time highs at $74,000.

Conversely, unexpected losses below $66,000 will slow the rally, deflating optimism.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments