Bitcoin Reaches $66,000: Confidence for a New Record High
The Bitcoin (BTC) price rose to $66,000 on Monday afternoon, reaching a new monthly high.
Although these gains remain modest compared to the traditional October results, market participants are beginning to show optimism.
With Bitcoin now in a consolidation phase for almost eight months, the possibility of a return to all-time highs appears to be a gradual process. The analyst “Rekt Capital” recently pointed out that the daily high reached in August around $64,300 represents an important hurdle for the uptrend. In his view, resistance at this level will weaken over time.
The analyst also noted that there is a “distinct chance” that Bitcoin will break through the August resistance and reach the next target of $67,000, which is the upper limit of the downtrend channel formed since March.
READ MORE: Bitcoin Nears Record-Long Consolidation During Halving Year
Last week, he added that the 21-week exponential moving average (EMA) acted as a support level for the second week in a row.
Meanwhile, CEO of online analytics platform CryptoQuant, Ki Yong Ju, commented that buyers have the potential to take control of the market and overcome resistance. “The buy walls for Bitcoin on all exchanges are now stable enough to withstand the sell walls,” he said.
#Bitcoin buy walls on all exchanges are now strong enough to neutralize sell walls. pic.twitter.com/GOgHBt4MiC
— Ki Young Ju (@ki_young_ju) October 14, 2024
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov interessiert sich leidenschaftlich für Bedeutungsfragen. Er ist seit mehr als drei Jahren im Kryptobereich tätig und hat ein Auge dafür, aufkommende Trends in der Welt der digitalen Währungen aufzuspüren. Ob er nun tiefgreifende Analysen liefert oder tagesaktuell über alle Themen berichtet, sein tiefes Verständnis und seine Begeisterung für das, was er tut, macht ihn zu einer wertvollen Ergänzung für das CoinsPress-Team.
