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You are here: Home / News / Bitcoin holds above $60k, the king of crypto to turn bullish soon?
Bitcoin

Bitcoin holds above $60k, the king of crypto to turn bullish soon?

November 1, 2021 by Parth Dubey

After making a new all-time high (ATH) this month, Bitcoin (BTC) hasn’t been able to recover and has found support at the $60.6k price level. With the approval of BITO ETF, the first Bitcoin futures ETF, Bitcoin turned bullish but fell down to $58k due to liquidations.

While a Bitcoin ETF is yet to be approved, we have a lot of activity going on in the direction of futures ETF. With a 24-hour trading volume of $33.5 billion, and market dominance of 44.11%, Bitcoin’s market cap fell by 1.24%, to $1.14 trillion.

The current monthly candle is up by more than 38%, with a monthly high of $67k. The lowest price for the BTC/USD in the last 30 days rests at $47,045, with the highest at $67k. The circulating supply of the token rests at 18,859,725 BTC.

Bitcoin price analysis on the daily chart using technical indicators

The technical indicators on the daily chart suggest a sideways scenario for the short term, with the price action being above the 50-day and 100-day Moving Averages. This turns the long-term momentum bullish.

The price action rests in the upper region of the Bollinger Band, which means that a breakout is imminent. Furthermore, the Bands are narrowing down, which means that volatility might follow soon.

Bitcoin price analysis
BTC price analysis on the daily chart by tradingview

The BTC price analysis using the RSI indicators shows that the BTC/USD pair is above the 50-level, i.e., the buying pressure is still higher than the selling pressure. However, the gradient is turning negative, indicating a surge in selling pressure.

The MACD indicator shows that the signal line is above the MACD line (blue line), and a few days earlier, we witnessed a bearish crossover. The histogram has turned red, and it seems that we might see lower price levels.

image 19
BTC price analysis on the daily chart by tradingview

Final Verdict

The BTC price analysis can be concluded on a bearish note for the day, with possibilities of new all-time highs by the end of the year. Analysts claim that Bitcoin will reach 100k by the end of 2021, and with the approval of a Bitcoin wallet, we might see higher prices.

Filed Under: News, Bitcoin News Tagged With: Crypto trading, cryptocurrency trading

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