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Bitcoin Holds Support Above $60K, Pushes Back Toward All-Time High
Upside momentum is improving with seasonal strength in the fourth quarter.
Updated May 11, 2023, 4:29 p.m. Published Oct 29, 2021, 5:41 p.m. 1 min read
Bitcoin is breaking above a short-term downtrend, which could support further upside toward the $65,000 resistance level. The all-time high around $66,900 is also within reach, although buyers struggled to sustain that level last week.
BTC has whipsawed over the past few days, which created choppy trading conditions. This is typical during a consolidation phase, especially after a near-50% price rally over the past month.
As of press time the largest cryptocurrency by market capitalization was changing hands around $62,500, up 2.4% over the past 24 hours.
The relative strength index (RSI) on the daily chart is rising from neutral levels, which means the pullback in BTC’s price is starting to stabilize. However, the weekly RSI is approaching overbought levels, which typically precedes a pullback in price.
Overall, upside momentum is improving with seasonal strength in the fourth quarter. A confirmed breakout (two consecutive daily closes) above the all-time high would yield a measured move projection toward $86,000. On the other hand, an immediate price pullback could be limited around the $53,000 support level.
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The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
What to know:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
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