According to Cointelegraph Markets Pro and TradingView, the price of BTC is about to break through the resistance that has existed since it reached an all-time high in March. Now traders expect this to change.
popular trader and analyst Rekt Capital analyzed the weekly chart, which showed repeated strikes at the upper boundary of the channel.
#Bitcoin is experiencing rejection at the upper boundary of the descending channel (red), as in the past (blue circles), he admitted.
It is important for the weekly bitcoin rate to close inside the red resistance to avoid a deep pullback from here. A weekly close above the upper boundary of the channel, which is currently at $68,000, is already inevitable as buyers continue to apply pressure and give the bears little room to maneuver, Rekt Capital concluded, Overall, we need to look at the downward channel resistance (red) to see signs of weakening after the previous rejection.
On a lower time horizon, we can be optimistic as the intraday close has already occurred outside the channel.
trader and analyst Daan Crypto Trades told X followers that BTC/USD broke through the clouds of the 200-day simple moving average (SMA) and exponential moving average (EMA).
Daan Crypto Trades added that the trend on the short- to medium-term timeframe is also rising,
Cointelegraph previously reported that the overall demand for bitcoin is still largely dependent on relatively moderate price fluctuations.
This trend has continued over the past few days, and the rise in the price of #BTC has triggered a #chain reaction of investor inflows.
Vetle Lunde, a senior analyst at crypto analytics firm K33 Research, confirmed on Oct. 18 that bitcoin investment funds around the world are seeing annual net inflows of 360,000 BTC, which would break the 2020 record of 373,000 BTC.
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