The price of bitcoin soared at the start of October, and three weeks later, we’d already hit a new all-time high, as well as a pullback triggered by a new resistance. Bitcoin appears to have found a firm support to prevent any declines, and industry optimism signals that a new rise is on the way sooner rather than later.
Over the last 24 hours, the entire market has had mixed results. Ethereum is down 2.69 percent, while Bitcoin is down 2.2 percent. Solana and Teraa, on the other hand, have outperformed the market by almost 8%.
Bitcoin Journey to $70k.
Bitcoin’s price has to be protected from its quick rise beyond $66,000 and close to $67,000. The coin soared beyond $66k far too soon and unexpectedly in order to secure the new support at $66,000, which it needed to stay at this level.
BTC crashed all the way down to its next greatest support, which is $62k and has also further slipped to $60k where it is trading at the time of writing.
The $62,000 resistance level is important. Bitcoin now has to deal with the important resistance level of $63,500, which it previously attempted to surpass in April only to have its price rejected.
In the overbought zone, the daily RSI established a single high. During prior BTC bull runs, the RSI has crossed into the upper zone multiple times before reversals. For example, during BTC’s late-July rise, the RSI reached six new highs above 70 before reversing.
Bitcoin must secure fresh support levels higher and higher in order to continue to grow. This would provide it with a safety net to prevent it from collapsing too hard if its price rose too quickly.