Bitcoin (BTC) – keeps walking a strong bullish pathPosted on Tuesday, October 26 2021 at 8:53 pm GMT+0000
Bitcoin (BTC) – Long-term analysis
Bitcoin (BTC) keeps walking a strong bullish path in the long-term picture despite the setbacks it has witnessed over the last few days. Of course, such retracements are common in the midst of healthy corrections across the board, but which doesn’t void the overall momentum that favors the bulls. In addition, BTC is looking at breaking above $62,153, which was a critical hurdle to overcome in the short term.
That said, the world’s largest cryptocurrency by market cap is facing the selling barrier offered by the 100% Fibonacci retracement level at $63,709, which is the last resistance ahead of the next target for the bulls, around $69,402. After clearing out that zone, BTC will be eying the $72,000 psychological zone as the next critical target.
On the downside, bears are preparing the ground for a pullback. If it materializes, it could fuel the momentum for the crypto to test the $58,548 zone, which belongs to the 78.6% Fibonacci extension level. Still, according to the daily chart, the TD Sequential indicator keeps flashing a bullish signal, favoring the buyers in the long term.