Bitcoin Price Pullback Holds Above $59,000 As Bulls Plot Ultimate Rally To $70,000

By John Isige
October 25, 2021 Updated April 7, 2022
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Bitcoin
  • Bitcoin renews the uptrend above $62,000 as bulls look forward to new record highs.
  • The short-term technical picture appears positive for BTC apart from a sell sig al from the MACD.

Bitcoin recently rose to a new all-time high amid the speculation accompanying the approval of the first BTC futures ETF. The flagship cryptocurrency lifted to slightly above $67,000, a move that significantly reduced the distance to $70,000. Many analysts believe that Bitcoin still has a long way to go, with the next two months before the year ends being of great concern.

Nonetheless, BTC retreated from the new all-time highs where it naturally found support above $59,000. Bitcoin initially took a pit stop at $62,000, but the overhead pressure overwhelmed the buyers.

Bitcoin Price Resumes Uptrend Targeting New ATH

The bellwether cryptocurrency trades around $62,050 at the time of writing. The last 24 hours have been vital to BTC and the return above the demand zone in green. As long as bulls keep the price above $60,000, Bitcoin will keep the uptrend intact in the near term.

According to the Relative Strength Index (RSI), Bitcoin is gradually getting back into the bulls’ hands. This technical index that follows the trend of assets and calculates the strength of the bulls and the bears has rebounded at 60. If the upward movement remains steady to the overbought area, Bitcoin is bound to gain momentum.

It is worth remembering that the 100-day Simple Moving Average (SMA) has recently crossed above the 200-day SMA. Although this index does not qualify as a golden cross pattern, its occurrence affirms the bulls’ growing influence in the market.

BTC/USD Daily Chart

BTC/USD price chart
BTC/USD price chart by Tradingview

On the other hand, we cannot ignore a sell signal with the Moving Average Convergence Divergence (MACD). Like the RSI, the MACD follows the trend of an asset calculates the momentum. As the 12-day EMA crossed below the 26-day EMA, the odds for a pullback soared. This means that bears could as well regain control and push the price below $60,000 again.

Bitcoin Intraday Levels

Spot rate: $62,050

Trend: Bullish

Volatility: Low

Support: $62,000 and $59,000

Resistance: $60,000

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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