Bitcoin price enters $67K after gaining 2.59% in the last 24 hours.
Crypto analyst anticipates the possible target of BTC could be around $86,600.
Bitcoin’s (BTC) substantial surge above $67K has made bullish anticipations within the crypto market. BTC broke through the crucial resistance level to begin trading at the current mark. The largest asset has experienced a modest 2.59% increase over the past 24 hours.
Besides, analysts mentioned the recent Bitcoin rally to the US election and MicroStrategy’s gains. As the election is getting closer, Trump leads the race. Also implying that the market will not be volatile until after the election. The connection between Trump’s election odds and the price movement of BTC will be monitored by analysts. Moreover, MicroStrategy holds Bitcoin’s 1.2% of total supply, outperforming with a 191% stock gain in 2024.
In addition, Elon Musk’s Tesla has recently transferred all its Bitcoin holdings, worth $765 million to new wallets for the first time in two years. Notably, none of the wallets are associated with exchanges, hints that Tesla may not be planning a sale.
On the other side, the Ali chart states that if Bitcoin surpasses $67,400, it could gain momentum and push its price higher. The possible target could be around $86,600.
However, the current market volatility might trigger Bitcoin to rally further. Over the past 24 hours, the asset touched the peak of $67,881, and its low is observed at $64.809. At press time, BTC traded at $67,096 with its daily trading volume surged over 20.80% to $49.15 billion, as per CMC data. Consequently, BTC has stepped into the greed zone as the Fear and Greed Index stays at 73.
Can BTC Surge Further?
BTC has been in bullish sentiment over the past month, rallying over 14.75%. Eventually, the asset continued the momentum, gaining around 7.30% in the past seven days. But BTC has slipped to a low of $59K, later surpassing the nearby resistance levels to break the bearish pressure.
In addition, the technical chart of the asset displays the Moving Average Convergence Divergence (MACD) indicator above the signal line, suggesting a positive trend and the increased buying pressure. Notably, the daily relative strength index (RSI) is positioned above 70.
BTC price chart (Source: TradingView)
Meanwhile, the short-term 50-day moving average is found above the long-term 200-day moving average at $63,028 and $62,568, respectively.
Bitcoin’s current price is above the critical resistance level of $66.8K. If this positive trend persists, the asset will likely retest the nearby resistance, and BTC might continue to rally toward the $67.6K mark.
However, if BTC fails to hold the ground, it may return to its previous low at the $66,237 range. The asset can further slide below if the downside momentum continues.
Highlighted Crypto News
Elon Musk’s Tesla Transfers Bitcoin Holdings Worth 765M Dollars
