Bitcoin (BTC) hits new record

Bitcoin (BTC) hits new record

Posted on Wednesday, October 20 2021 at 8:23 pm GMT+0000

Bitcoin (BTC) – Short-term analysis

Finally, the milestone has been surpassed: Bitcoin (BTC) refreshed its all-time high after cracking above the $66,000 threshold in the midst of a strong bull run that started in the first days of October. Such a move allowed the world’s largest cryptocurrency by market capitalization to consolidate its gains above $60,000, and the price action is hinting at further rallies in the long term as expected.

With the bulls being favored by the current structure, the 200-day simple moving average is now serving as the line in the sand that will guide the buyers for the long term, given that it managed to deliver a bullish crossover with the 50-day simple moving average.

Now, the next tough nut to crack to the north is the resistance area of $68,903, which is the Fibonacci extension level of 123.6%. If the crypto manages to pierce above that level, odds will favor pushing BTC towards $77,942 as the next critical hurdle in the road.

However, if Bitcoin starts to make a pullback, it would be limited in the first instance by the Fibonacci extension area of 100% at $63,320, followed by the $58,256 zone. Still, the TD Sequential indicator remains flashing bullish signals, as well as the MACD indicator that stays in the positive territory.