Bitcoin Holds Support Between $60K-$65K, Testing All-Time High
Bitcoin (BTC) broke above a short-term downtrend and looks poised to re-test the all-time price high near $66,900. The cryptocurrency was trading around $66,000 at press time and is up about 5% over the past 24 hours.
Upside momentum is improving after a two-week consolidation phase between $60,000 and $64,000. A confirmed breakout from that consolidation would require at least two consecutive daily closes above $66,900.
Once a new all-time high is confirmed, indicators suggest further upside for BTC’s price, initially toward the $86,000 resistance level. Seasonal strength in the fourth quarter could support continued bullish activity over the next two months.
For now, intraday charts appear overbought into Asia trading hours, although pullbacks should remain limited given strong support around $60,000.
Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.
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