By Franklin Smith
Briefly-
- Bitcoin price has its bulls shielding a technical support area.
- $BTC might hit another ATH this week.
- Favorable price triggers persist as the overall market stays in green.
Bitcoin kept its vital support area on Sunday, keeping its upsurge intact. $BTC’s price movements on Monday show that bulls still dominate the bitcoin network. The leading crypto by market capitalization seems ready to record another all-time peak this week. As the crypto register more impressive tailwinds, Bitcoin appears to have all it takes to touch $69,124 in the days to come.
Bitcoin Ready for another ATH
Bitcoin experienced some profit-booking towards last the end of last week and over the weekend. Meanwhile, bulls didn’t undo many of their long positions. With that, Bitcoin price had price fading downward. Bitcoin bulls respected the support at $59,586, aligning with the R2 resistance zone, preventing more plummets keeping its upsurge intact.
The crypto’s favorable tailwinds appear to persist. Moreover, the Bitcoin network saw more tailwinds added today morning. That comes as the Unites States indices futures pointed green at the start of the week following somewhat optimistic profits last week. As market players focus on technical equities, NASDAQ can either mean headwind or tailwind for $BTC. However, Bitcoin has a higher probability of recording a new ATH this week.
As more buyers join the bandwagon due to favorable tailwinds and the asset respecting the monthly R2, market participants may expect Bitcoin to explore a record high of $66,900 soon. After breaking past the level, Bitcoin will hit the 23.6% FIB area at $69,123 before facing profit-booking, lunging once more to $65,087. With that, Bitcoin might catalyze a repetitive pattern, heading towards $100,000 by 2021 end.
If earnings season disappoints, dragging the NASDAQ down, it will translate to a Bitcoin price headwind. That will have BTC retracing back to $59,586. As Bitcoin bulls start to incur pressure, expect more profit booking and BTC plunge to $55,619. Further drops might see the dominant crypto hitting $50,019.
Keep in mind that BTC suffered correction after achieving an ATH last week. Analysts predicted the drop for BTC to accumulate strength to surge high. That way, Bitcoin will have no obstacles hitting its targets. However, let us see what the upcoming sessions will have.
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