Is Bitcoin Headed For A Breakout As It Trades Near All Time Highs?

Bitcoin price fluctuates near record highs today, less than 1% of the all-time high reached late last month.

According to CoinDesk, the world’s most popular digital currency reached $66,530.58 today.

At this point, you need to earn around 0.67% to hit the record price of $66,974.77 that hit on October 20. An additional CoinDesk number will be displayed.

After rising above $66,500 today, Bitcoin retreated slightly, trading at nearly $65,000 at the time of writing.

[Editor’s note: Investments in cryptocurrencies or tokens are highly speculative and the market is largely unregulated. Anyone considering this should be prepared to lose their entire investment.]

bull pendant with bitcoin

This morning’s Cointelegraph article looks at the recent price swings of cryptocurrencies and provides some technical analysis.

Bitcoin is trading in a relatively clear range, according to an article by Cointelegraph, but is up 6% in 24 hours and is rebounding. At this point: “I am beyond the scope of integrating two different trendlines and attitudes. Reminds a brupenant.”

“Blupenant is a continuation upward pattern that occurs when goods melt into the triangular price range (referred to as the mainstay) after rising sharply,” the article continued.

“Usually break the spread and aim for a profit target as big as a flagpole.”

“When it comes to examining the bull pennant outbreak, Bitcoin examines almost every area,” said the article’s authors.

Several technical analysts contributed to this statement.

“Bitcoin has certainly formed a brutal structure and is now rising to new highs,” said Sean Rooney, director of research at Valkyrie Investments.

“If Brupenant were currently managed according to traditional technical analysis, BTC could be operating for $70,000 in the short term.

TrendSpider chief market analyst Jake Vujastic is also involved.

“The pennant test is a strong follow-up model in general,” he said.

“But to check the price, the price must pass the resistance flag and close,” added Vujastic.

Market analysts provide additional insight into the situation.

“With Bitcoin on the verge of hitting a record high, breaking through and closing above the $67,000 level was an extension of the $1,618, move to $87,000 from April to July. Many bulls will hit the bar above.”

Greg Weissman, co-founder and chief operating officer of global payments network Mercuryo, is also involved.

“While Bitcoin’s upward valuation is obvious, as shown on the chain market chart, market momentum could be introduced at any time which could lead to a bearish trend at any time,” he said. Ricefield.

“Besides all these events, several indicators still point to the fact that the ongoing Brulan isn’t ready to rest just yet,” said Wiseman.

“TradingView’s MACD indicator is currently on the verge of a breakout and continues to check Brupenant’s docs on the continued rise in BTC prices. Also, the relative strength index is now 65.10. It is strong and has dropped from at least the 70 “bought” area” he stressed.

“This data shows that while the Bitcoin price spike is visible, there is still room for the digital currency to end the year at around $80,000.

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