By Franklin Smith
Bitcoin has had its price rallying over 5.4% in the past 24 hours, trading past the crucial level at $65,000. Meanwhile, overpowering the resistance in the $64,324 – 66,834 range is critical for Bitcoin to rally towards new record highs.
At this publication, Bitcoin hovers at $65,375 after gaining more than 5.4% in the previous 24 hours. On the other side, the leading cryptocurrency saw its market dominance dropping from 48% when Bitcoin gained to tag a new ATH near $67,000 on 20 October to 43.29% for now. Meanwhile, Coinmarketcap data shows that the total cryptocurrency market cap continued to surge, standing at $2.85 trillion following a 3.5% upswing in the past day.
Ki-Young Ju, CryptoQuant CEO, declared that BTC reserves across cryptocurrency exchanges have dropped, confirming high buyer appetite. That might explain Bitcoin’s push past $65,000.
Bitcoin Ready for a Massive Swing to Record Peaks
Bitcoin faced rejection on the downward trend-line on 2 November as bulls failed to overcome the supply territory inside the $64,324 – $66,834 range. That shows that BTC bears remained dedicated to pulling BTC down. The three bearish movements between 3 November and 5 November had bears succeeding to take BTC/USD under the accelerated trend-line, losing the support at $62,000.
However, the downward actions attracted more traders as the buying momentum saw BTC reclaiming the critical support level at $65,000. That had buyers targeting another all-time high. Meanwhile, buyers should battle the selling momentum in the supply territory highlighted above for an explosive surge.
BTC-USD Daily Price Chart
The Relative Strength Index, moving upwards to the overbought area, and the surging moving averages confirm that Bitcoin bulls control the market at the moment. However, BTC price dropping back beneath the accelerated trend-line will invalidate this bullish picture. If the upcoming sessions confirm this, Bitcoin might plunge, tagging the psychological level at $62,000. Meanwhile, the zone in the $62,000 area and the 50-DSMA might attract massive bullish support from buyers.
For now, Bitcoin seems to enter an upward path. If it maintains its upsurges, it might overcome the supply territory highlighted above. However, let us wait for what the upcoming sessions have. Stay tuned.