Bitcoin price remains strong on technical data and fundamentals, but breaking above the rectangle at $64,000 is key to resuming the uptrend.
Bitcoin bulls remain bullish as validated by figures from the crypto fear and greedy index. The index reveals that the fear and greedy index for the Bitcoin price is in then greed index around 74. This is validated by BTC’s price action on the daily chart as it has been consolidating between $58,715 and $64,108 since October 22 creating a demand zone for the big crypto.
Bitcoin Fear and Greed Index is 73 — Greed
Current price: $61,138 pic.twitter.com/KYB03qZrxQ
— Bitcoin Fear and Greed Index (@BitcoinFear) November 4, 2021
This sluggish BTC price action over the last fortnight will need support from the wider market to determine the direction the Bitcoin price will take in the short term.
At the moment, the BTC/USD price appears to consolidating above $62,000 after recording less than 1% gains over the last 24 hours.
Bitcoin Price Forms a Rectangle Pattern in a Horizontal Price Action
Since October 22, Bitcoin has been trading sideways between the $58,715 and $64,108 price range. This points to price consolidation and a decrease in price volatility. This is validated by the squeezing of the Bollinger Bands (BB) towards each other.
After bouncing off the $47,000 psychological level on October 04, bulls regained control of the BTC market pushing the big crypto a massive 43% rally to hit the current all-time high (ATH) around $67,000.
At the time of writing Bitcoin teeters around $62,058 on most exchanges and appears to have formed a rectangle pattern on the daily chart. Note that the rectangle pattern does not have a defined bullish or bearish breakout, but breaking above the upper boundary of the rectangle around $64,108 will trigger a bullish move for BTC.
Bitcoin seems to be battling immediate resistance around the $62,631 level coinciding with the middle boundary of the rising channel. For a bullish move to be confirmed, BTC price must close the session above this level to tag the upper boundary of the rectangle at $64,108.
A decisive bullish break out will be confirmed if BTC slices through this level after which a retest of the all-time high around $67,000 will be in the offing. This coincides with the upper tip of the ascending channel.
BTC/USD Daily Chart
On the flipside, if BTC closes the day below the immediate support provided by the middle boundary of the rectangle at $60,950, the $58,715 support where the lower boundaries of the rising channel and the BB coincide.
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Crypto News: Thailand To Regulate Cryptocurrencies As Means of Payment
- YouTube’s CEO Hints That NFTs Might Be Coming To The Video Sharing App
- Will McDonald’s Accept Dogecoin Following Elon Musk’s Challenge?
- Bitcoin’s Positive Correlation With The Stock Market Index Records A Mild Increase
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?