BTC Price Continues to Rise at Full Speed: Will It Break a Record?

Crypto News – On October 23, the price of Bitcoin (BTC) rose to a high of $30,985, only a little under the $31,804 yearlong peak.

BTC Price Continues to Rise at Full Speed: Will It Break a Record?

The price of Bitcoin has risen since September (green icon), when it bounced off the long-term $25,000 horizontal support region, according to the weekly timeframe technical analysis. A big bullish engulfing candlestick was made by BTC last week as the climb quickened.

Before modestly declining, Bitcoin rose to a high of $30,985. Although $31,900 is the year’s high, $31,600 is the highest weekly closing. As a result, the closing price at the moment would be the highest one for the entire year if it held until the end of the week. On the other hand, some traders do not believe that the bull run has started because the price has not yet reached this close.

The news around Bitcoin is also conflicting. The Bitcoin Spot Exchange Traded Fund (ETF) may have contributed to the price’s greatest weekly gain in 17 weeks. However, a crucial Lightning Network developer quit after identifying a serious security flaw in the system.

Moreover, bullish momentum is shown by the weekly RSI. The RSI also deviated from the bearish divergence trendline (green line), which started the decline from the yearly high. This is more significant.

Will Bitcoin Reach This Year’s High?

The BTC price emerged from the $29,000 horizontal barrier level, according to the daily timeframe study. Since August, the area has been in existence. This breakout quickened the rate of growth. The $31,300 barrier level is now in sight for the price of Bitcoin. Before the yearly high, this is the last resistance area. Since it is over 50 and rising upward on a daily basis, the RSI supports the current advance. Despite being overbought, the indicator has not yet produced any negative divergence.