Bitcoin Holds Support at $60K-$65K, Testing All-Time High
Upside momentum is improving after a two-week consolidation phase.
Nov 8, 2021 at 9:07 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BCE2RC7QRRBXJCOCAIG3IUBE4E.png)
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Bitcoin (BTC) broke above a short-term downtrend and looks poised to retest its all-time price high of about $66,900. The cryptocurrency was trading at 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 of between $60,000 and $64,000. A confirmed breakout from that consolidation would require at least two consecutive daily closes above $66,900.
If 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 to be overbought into Asian trading hours, although pullbacks should remain limited given strong support at around $60,000.
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Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.