Almost exactly a month ago (here), we highlighted the 42K-53K range in Bitcoin and noted that “a bullish breakout above 53K would open the door for a continuation toward record highs above 60K in time.”
Well, last week brought that key breakout, and after consolidating in the mid-50Ks for a couple days, Bitcoin is in rally mode again today, eclipsing 57K as of writing. After a relatively long period of consolidation through the summer, the price action is suggesting that the longer-term uptrend is resuming.
As long as prices for the world’s oldest cryptocurrency remain above their rising 100- and 200-day EMAs, the path of least resistance remains to the topside for a test, or even potential break above, the record highs near 65K. In the short-term, traders will be watching previous-resistance-turned-support at 53K to provide a potential floor on any quick dips.
Well, last week brought that key breakout, and after consolidating in the mid-50Ks for a couple days, Bitcoin is in rally mode again today, eclipsing 57K as of writing. After a relatively long period of consolidation through the summer, the price action is suggesting that the longer-term uptrend is resuming.
As long as prices for the world’s oldest cryptocurrency remain above their rising 100- and 200-day EMAs, the path of least resistance remains to the topside for a test, or even potential break above, the record highs near 65K. In the short-term, traders will be watching previous-resistance-turned-support at 53K to provide a potential floor on any quick dips.