BITCOIN price turned down over the weekend as BITCOIN closes above the $60k psychological level for the third week. BTC bulls have to defend the 200-day SMA at $$56k, 813 to remain bullish.
The bullish momentum slowed down for BTC but BITCOIN price rose on the last day of ‘Uptober’ as bulls took over the weekend.uptober’. In spite of this, the bulls were able to close above the psychological level of $60,000 for the third consecutive week.
BTC/USD Weekly Chart
BITCOIN has been continuously rejected after hitting the all-time high below $67,000, which it reached on October 20. The $63,000 level will be the next level to watch.
13 Years ago!!
The initial price of BITCOIN on January 03, 2009 was $0.0008. After its last rally, the big crypto has gained almost 374,999,900% to reach the ATH at around $67,000.
Holders of BITCOIN have had a hard time, as there have been some frustrating corrections and discouraging bear markets along the way as some analysts predicted Bitcoin’s collapse.
BTC reached new heights every time the price fell, which offered opportunities for buyers.
The 13th anniversary of the September 11, 2001 attack was celebrated on October 31st 2021 An introduction to Bitcoin was released on October 31,2008, marking the beginning of what can be possibly referred to was the biggest financial disruption in history.
SMA Support is Crucial For BITCOIN Price
BITCOIN’s price shows up as a parallel descending channel on the four-hour chart, with bulls having a hard time breaking the resistance.
At the time of writing, BITCOIN trades at $60,849 after trading above support near the middle boundary of the prevailing chart pattern at $59,411.
The 200-day Simple Moving Average (SMA) would meet the lower boundary of the descending channel just below $56, 813 if BITCOIN slips below this level.
BITCOIN bulls must protect this important level of support because a drop below it could trigger bulk sell orders, sending BTC/USD plunging towards the $52,830 support level.
BTC/USD Four-Hour Chart
On the upside, if BITCOIN holds onto the support provided by the middle boundary at $59,411 and closes above it, bulls will be bolstered to attempt to break above the upper boundary of the governing chart pattern.
If this happens, BITCOIN could rally to retest the ATH above $67,000 and thereafter, may be BTC could make a go at $70,000 and possibly the $100,000 mark.