Bitcoin Price Remains Attractive, Can Bitcoin Break New All-Time Highs?
Bitcoin Price Remains Attractive
Bitcoin price has recently fallen a little lower and dropped below $67,200. BTC retested the $66,650 level but soon started a new increase. There was a clear move in the market with the price surpassing the $68,500 resistance area.
On the hourly chart of BTC to USD, we see a breakout of the key bearish trend line with resistance around $68,000. The price combination even broke the $69,500 resistance area and surged above $70,000. The highest point was reached at $70,253 and now the price is correcting the previous gains.
After the price rose from the $67,283 swing low to $70,253 high, it fell below the 23.6% Fib retracement level.
Currently, Bitcoin is trading above $68,500 while it is also above the 100 hourly simple moving average. It also held gains above the 50% Fib retracement level of the upward move from the $67,283 swing low to $70,253 high.
On the upside, the price has encountered resistance near $69,200. The first major resistance could be at $69,550. If the price can clearly break above the $70,200 resistance, it could continue higher. In this case, the price could rise and test the $70,600 resistance. If there are more gains, BTC could head towards the $72,000 resistance.
Can Bitcoin break out to a new all-time high?
The crypto asset market saw an overnight rally after the weekend, but the rally stalled as soon as the U.S. markets opened.
The news of the approval of the spot Ethereum ETF boosted the cryptocurrency price, and Bitcoin also briefly touched a new all-time high.
However, Bitcoin experienced a third decline, which brings the crypto market to a critical juncture. If the rally is sustained, Bitcoin could hit a new all-time high; but if the market crashes, the coin could fall back to the lows of the past three months.
In addition, the long of GameStop, aka "Roaring Kitty", disclosed that he held 5 million shares of GME, and this news doubled the stock price.
Also, there was a major glitch on the New York Stock Exchange, which forced trading in 50 listed assets to stop.
Crypto assets rose steadily overnight after a weekend lull as market participants around the world returned to their jobs. However, the upward momentum stalled as soon as the US market opened. What is the reason for the resistance?
Last month, the pending spot Ethereum ETF application was approved by the US Securities and Exchange Commission (SEC), and this news drove cryptocurrency prices higher, with many tokens approaching new cycle highs.
The unexpected change in approval odds had some traders rushing to increase exposure to ETH, pushing the token to a new cycle high above $4,000; Bitcoin was also pushed within 2% of its all-time high, briefly touching $72,000. Although Ethereum reached a higher local high last Monday, Bitcoin was hit hard before reaching its high last week, which may be a worrying sign for bulls and indicates that sellers still retain some control. As Bitcoin fell from a lower local high for the third time after attempting a breakout, the crypto market seems to be at a critical turning point.
If the rise continues, Bitcoin will soon reach a new all-time high, which will undoubtedly provide a major boost to the valuation of broader crypto assets. However, if a breakdown begins here, the coin could fall back to the lows of the $60,000 range that has supported prices over the past three months, and then potentially further downside.
Incidentally, spot volumes for both BTC and ETH have fallen sharply over the last week, indicating a lack of interest in current prices, which could signal a possible trend reversal in the near future. While crypto markets have been relatively free of notable volatility following confirmation of spot ETH ETF approval, some traditional financial assets saw erratic price swings this morning.
After disappearing from social media for two weeks, GameStop bull known as “Roaring Kitty” (aka Keith Gill) returned to the spotlight over the weekend, revealing his holding of 5 million GME shares, revealing himself as a “whale” who accumulated a massive bullish position in the stock last week, and tweeting a green uno reverse card.
Amid renewed excitement about the meme stock, GME shares more than doubled, rising as high as $45 in pre-market trading this morning, but have since given back most of those gains, falling to as low as $28 in cash trading.
The New York Stock Exchange also experienced a major outage this morning, being forced to halt trading on 50 listed assets, seemingly due to a software update that affected price range guardrails designed to limit volatility.
The most significantly affected asset is the Class A shares of Warren Buffet's Berkshire Hathaway, which fell 99% at the open this morning before trading was halted.
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