Albert Brown
As the price surge of Bitcoin surpasses the $70,000 region, will the flag breakout rally extend to the lofty $80,000 region by November?
The crypto market has reached a $2.4 trillion market cap, an increase of 4.8% over the past 24 hours. Bitcoin has also significantly increased by nearly 5% in the past 24 hours.
Bulls anticipate the BTC price creating a new all-time high after crossing above the $70,000 psychological mark. Should you consider buying Bitcoin near its all-time high?
Bitcoin (BTC) Price Analysis
The Bitcoin (BTC) price is currently trading at $71,173, surpassing the crucial psychological mark and attaining a market cap of $1.4 trillion. Bitcoin’s 24-hour trading volume is inching closer to the $50 billion mark and is currently at $47.14 billion, an increase of 1.48%.
In the daily chart, the BTC price action reveals a bullish flag breakout rally gaining momentum after a post-retest reversal. Making five consecutive bullish candles, the BTC price has increased by 8.48% from its seven-day low of $65,521.
Heading towards its all-time high of $73,794, the breakout rally in Bitcoin is showcasing increased chances of a new all-time high.
The MACD and signal lines give a positive crossover with a surge of bullish histograms, supporting the bullish trend. Furthermore, the simple moving averages of 50-day and 200-day give a golden crossover.
Bitcoin’s Rising Channel
In the 4-hour chart, the BTC price action reveals a rising channel pattern. Currently, a bullish trend continues within the channel as BTC bounces back from the support trend line.
Making a 24-hour high at $71,500, the BTC price is heading toward the overhead resistance trendline. Using the trend-based Fibonacci level within the rising channel, the BTC price is facing opposition from the 50% level at $71,463.
Will Bitcoin create a new All-time High?
With the recovery rally in BTC price gaining momentum, the bulls may shortly test the overhead trendline near the 78.60% Fibonacci level at $74,500. Further, the chances of BTC hitting a new all-time high level have significantly increased amid the increased breakout chances.
For a longer-term projection, the Fibonacci retracement tool in the daily chart paints the next resistance levels above the all-time high at $78,318 and $84,929, corresponding to 1.272 and 1.618 Fibonacci levels, respectively.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
