BTC Bulls in Control as Price Surges Past Key Moving Averages
Crypto specialists predict that once the price of Bitcoin has positioned itself above all significant moving averages, bulls will continue to have a lead over bears as long as the price remains over $66,500.
This breakout suggests that bulls are firmly in control, and as long as BTC remains above the $66,500 level, the trend should remain constructive,
crypto exchange Kraken analysts
The next crucial point, according to the analysts, would be the $73,679 all-time high that Bitcoin hit in March if it maintains above this price level and keeps rising. According to data, the price of Bitcoin is $67,039 at the time of writing, down 1.56% from October 25.
BTC Price Pullback: Analysts Caution as Bitcoin Forms Bearish Pattern
Bitcoin’s price went from $66,500 to $65,700 for a brief period on October 25. Crypto commentators blamed the decline on growing geopolitical tensions in the Middle East and uncertainties in the crypto industry.
Bitcoin is possibly reacting to the Tether FUD earlier and now the war news on Israel and Iran,
crypto trader Hardy
Over the last seven days, Bitcoin has experienced other abrupt drops. Analysts pointed out that Bitcoin displayed a possible bearish engulfing pattern on October 21. This could cause some short-term concern. Together with the relative strength index (RSI), a technical analysis metric that assesses the magnitude of recent price swings to determine whether Bitcoin is overbought or oversold, the analysts noted that the cryptocurrency is emerging from an overbought position. According to the analysts, this suggests that Bitcoin might experience a brief period of consolidation or a slight decline.
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