BitcoinPrice Analysis

Bitcoin Price is on a Tear, Where Will The Next Stop Be?

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Bitcoin, the most valuable cryptocurrency in the world, reached a new all-time high of about $67,000 on Wednesday, surpassing the previous peak set in April. Its prices have risen by 50% in the last month. 

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On Wednesday, bitcoin was hovering just below its all-time highs, and the first bitcoin futures-based exchange-traded fund (ETF) in the United States seemed ready to open firmer after a strong debut on Tuesday. 

At the same time, other cryptocurrencies have surged in value. Although not for the first time, the price of ether has burst through the $4,000 barrier.

On October 19, ProShare’s BTC ETF debuted on the New York Stock Exchange (NYSE) at a starting price of US$40.88. The offering completed out at a value of US$41.94 at the end of the day’s trade cycle, with a total of 24.313 million shares — worth over US$1 billion.

BTC Price Action:

At the time of writing bitcoin is trading at $66,379 and has gained 6 percent in the last 24 hours. Before any retracement, Bitcoin might hit resistance near $68,000 levels in the event of another lengthy gain during the afternoon. $66,404 is the second significant barrier level. 

Bitcoin bulls pushed the price above $65,000 after a retest of $60,000 as support. As a result, we anticipate BTC/USD breaking through $66,000 in the next 24 hours. 

This move upward had been predicted by the technicals. On high timeframes, the monthly Bitcoin RSI is back in the bull zone, and most other technical indicators are leaning positive.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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