Bitcoin Holds Support at $60K-$65K, Testing All-Time High

Upside momentum is improving after a two-week consolidation phase.

Nov 8, 2021 at 6:39 p.m. UTC
Updated Nov 8, 2021 at 9:07 p.m. UTC

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 an equity/fixed income portfolio manager and does not invest in digital assets.

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 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 an equity/fixed income portfolio manager and does not invest in digital assets.

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 an equity/fixed income portfolio manager and does not invest in digital assets.

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