Over the last 24 hours, the overall market has been in the green, with Bitcoin up more than 5%. Meanwhile, Ethereum has gained 3.17 percent, with Solana (SOL) leading the pack with a rise of nearly 10%.
Bitcoin over the previous 24 hours, has moved in a range of $59,643.35 – $63,343.31, exhibiting significant volatility. Trading volume has climbed by 22% to $30.7 billion, while total market capitalization is around $1.12 trillion.
Bitcoin’s price action tested the $60,000 support level again yesterday, but no additional decline was possible. BTC/USD has regained strong momentum overnight, leading back above $62,000.
Today’s 4-hour chart shows positive momentum resuming as the $60,000 support level held off additional fall.
Bitcoin has risen up to $63,769 at the time of writing. The token had reached a 24 hr high of $64,013. It is now up by 5% and is expected to rise higher considering broader market sentiments.
Deja Vu to 2017?
Many analysts are increasingly optimistic that this year will follow the same pattern as 2017.
Indeed, a recent tweet from crypto analyst TechDev demonstrates how closely the price chart for 2021 resembles that of 2017, and it’s startlingly similar.
The relative strength index is following in the footsteps of 2017. Each cycle had two peaks in 2013 and 2017, so we’re still due for a second rally if things go according to plan.
A $200,000 BTC price is “built in,” according to TechDev’s bold estimate. Mignolet, a Korean trader, is similarly upbeat, claiming in early October that the shift in volume from spot to futures markets is a favourable market indicator.