BTC/USD Builds Strength Above $61k as Bitcoin Continues Bullish Run – October 31, 2021
Since October 28,
Following October 20 bearish impulse, BTC price declined but found support above the 21-day line moving average. Buyers have sustained recent rallies above the moving averages. This is a positive sign that the current uptrend is intact. Bitcoin is currently confined in a range. Buyers have an uphill task to break the resistance at $63,000 and keep the price above the $64,000 high. If the bulls are successful above resistance, the upside momentum will resume. BTC’s price will rally above the $70,000 high. The bottom line is that if the bulls fail to breach the $64,000 resistance convincingly, the BTC price will fall to the range-bound zone. Meanwhile, the bears are providing stiff resistance to the overbought regions of $63,000 and $64,000 price levels.
Bitcoin (BTC) Indicator Reading
BTC price has a bullish crossover as the 21-day line SMA crosses over the 50-day line SMA. This indicates a buy signal. The 21-day line SMA provides support levels. Bitcoin is at level 54 of the Relative Strength index period 14. The crypto is trading in the bullish trend zone and above the centerline 50. The crypto is below 20% area of the daily stochastic. Buyers are expected to emerge in the oversold region to push prices upward.
Meanwhile, BTC’s price reaches the oversold region of the market as Bitcoin continues bullish run. The implication is that the selling pressure has reached bearish exhaustion. In other words, the market is likely to resume upward. Conversely, as price broke below the moving average, the pressure may persist.
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