Bitcoin (BTC) – refresh once again its all-time highs

Bitcoin (BTC) – refresh once again its all-time highs

Posted on Wednesday, November 10 2021 at 9:06 pm GMT+0000

Bitcoin (BTC) – Long-term analysis

Bitcoin (BTC) strengthened over the last 24 hours to gain momentum and refresh once again its all-time highs at $68,410, approaching the $70,000 milestone. The bullish construction keeps alive, and it bolstered the upwards price action when both tenkan sen and kijun sen provided dynamic support across the board.

With the buyers dominating the scene and Bitcoin having cleared out the 100% Fibonacci extension level at $63,693, eyes are on levels above $70,000, as BTC has been widely favored by the buyer demand in the short and mid-term. If the road keeps pointing to the north, the next critical hurdle to overcome would be the $74,450 zone.

However, a bearish scenario could be feasible at this stage because of the extended impulsive move that the price had followed over the last few weeks. If the price plunges below the critical handle of $64,000, doors will open for BTC to test the Ichimoku Kumo at around $60,000, where it can find dynamic support.

The next critical barrier is set at $56,000, followed by the Fibonacci extension level of 61.8% at $54,659 area. For now, the RSI indicator at the daily chart is treading overbought territory, calling off for an overbought condition at this stage.