Bitcoin Pulls Back From All-Time High, Support Between $63K-$65K
Intraday charts are showing initial signs of upside exhaustion.
Nov 10, 2021 at 10:20 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CRLEHNRPTRETJJRR45CETK46ZE.png)
Bitcoin (BTC) spiked toward an all-time high around $68,950 after a stronger-than-expected U.S. inflation report on Wednesday. The cryptocurrency is now slightly lower, trading around $65,700 at press time, although buyers could hold support above $63,000-$65,000 into Asian trading hours.
Intraday charts are showing initial signs of upside exhaustion, which typically lead to a brief pullback in BTC’s price. For example, the relative strength index (RSI) on the four-hour chart continues to hover near short-term overbought levels.
Still, upside momentum signals are improving on the daily price chart for the first time since Oct. 1, which preceded a price rally from $44,000. This suggests that buyers could remain active on pullbacks.
Two consecutive daily closes above an all-time price high would yield further upside targets, initially toward $86,000.
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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.
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