Bitcoins Bullish Momentum Persists Above $66,500, Analysts Say
- Anlysts t Krkn projct Bitcoin could trgt $73,679 if it mintins bov $66,500.
- Its rcnt pric fluctutions r linkd to Tthr concrns nd gopoliticl tnsions in th Middl Est.
- Th RSI indicts BTC my fc tmporry consolidtion ftr hitting ovrbought conditions rcntly.
Bitcoin, th worlds lrgst cryptocurrncy, continus to cptivt mrkt prticipnts, with nlysts xprssing optimism bout its nr-trm trjctory. Th digitl ssts position bov ll ky moving vrgs suggsts tht bullish sntimnt rmins prvlnt. As long s Bitcoin sustins pric bov th $66,500 thrshold, nlysts t Krkn prdict constructiv trnd.
If Bitcoin holds bov $66,500 nd sustins its upwrd momntum, nlysts suggst tht its nxt trgt could b th ll-tim high of $73,679, lst rchd in Mrch 2024. According to xprts, succssful brch of this lvl could opn th door to nw pric discovry nd furthr upwrd momntum.
Bitcoins Volatility Amid Market Jitters
Dspit th ovrll bullish sntimnt, Bitcoins pric hs xprincd som short-trm voltility. At th tim of writing (Octobr 26th), th pric sits t $66931, rflcting slight dcrs of 0.65% ovr th pst 24 hours, ccording to CoinmrktCp dt. This dip follows mor pronouncd pric drop on Octobr 25th, whr Bitcoin brifly slippd from $66,500 to $65,700.
Anlysts link this voltility to combintion of fctors. Concrns surrounding stblcoin issur Tthr, fuld by rcnt invstigtion by th Unitd Stts govrnmnt, long with sclting gopoliticl tnsions in th Middl Est, r blivd to hv contributd to th mrkt jittrs. Crypto trdr Hrdy, in n Octobr 25th post, highlights this connction, stting, Bitcoin is possibly rcting to th Tthr FUD rlir nd now th wr nws on Isrl nd Irn.
Technical Indicators Suggesting Consolidation
Th rcnt voltility isnt ntirly unxpctd. On Octobr 21st, nlysts idntifid potntil brish ngulfing pttrn, which oftn prcds short-trm corrctions. Historiclly, such pttrns nr rsistnc lvls hv bn followd by pric drops. Indd, on Octobr 21st, its pric xprincd 3.59% dclin, flling from $69,367 to $66,873.
Furthrmor, th nlysts not tht th Rltiv Strngth Indx (RSI), tchnicl indictor usd to gug ovrbought nd ovrsold conditions, suggsts that the cryptocurrency my b du for priod of consolidtion. An RSI rding bov 70 typiclly indicts n ovrbought mrkt, nd Bitcoins RSI ws rcntly hovring in this trritory. This could signl som tmporry consolidtion or minor pullbck, ccording to th nlyst.
Trdr MBlncit94, in post on Octobr 26th, suggsts Bitcoin my xprinc slight corrction bfor rsuming its upwrd trjctory, potntilly rching $80,000. Th trdr nots tht th Stochstic RSI is hding towrd ovrsold trritory, nd rcnt cndl closs indict brish mov towrd th $65,000 to $64,000 rng.
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Text source: TronWeekly
