Bitcoin has proven to be a leader since its inception. Sometimes when people forget why BTC is at the top, the sudden movement in the price of this digital asset proves to others why it is valued so highly. $ 65,000, the rejection of the previous rally in May 2021, should become a strong level of support for Bitcoin, allowing for even more trends and price movement in the months ahead.
As traditional investors are looking for unique investment opportunities, cryptocurrencies are also strong alternatives. Let’s talk more about the critical support, resistance, and other levels to look out for in order to predict BTC’s further move.
Bitcoin price analysis
Bitcoin’s price can be seen from its $ 40,000 level and is now marking over 60% of profits in less than a month. The power of the blockchain creators in the crypto world cannot be questioned under such trust from BTC holders. What is amazing is that buyers are ready to get into BTC even if they are valued above their previous all-time high of $ 64,967.
The BTC rally was phenomenal and devoid of any weakness. Maintaining a constant volume over the past three months with sudden swings did not affect the favorable price development to any major extent. Bitcoin therefore has strong swing support at $ 53,000, but there is a very small chance it will decline in the near future due to breaking its immediate all-time high. With each such retesting of the previous day’s low, BTC was able to make a huge profit in terms of market capitalization only because of the greater buyer interest.
Given the increase in volume, this movement is phenomenal. Even the 200 DMA trades around $ 44,000 and will be a key indicator of long-term positivity when it starts moving through the end of 2021. Such a move will continue to sustain bullish sentiment. The RSI has jumped beyond the metrics into overbought zones above 75. While the MACD shows that the 21 and 12-day EMA moved in parallel, this adds to this sentiment again.
Comments are closed.