Bitcoin is gaining $ 2,000 in hours after BTC price surged near its previous all-time high

189
SHARES
1.5k
VIEWS
ADVERTISEMENT


Bitcoin (BTC) topped $ 66,000 again on Oct. 21 after new macro-turbulence sparked a retest of previous all-time highs.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Evergrande is not holding back Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD rebounded from a decline to $ 64,000 overnight.

Related articles

The move came with a decline in stocks in response to renewed concerns over Chinese real estate giant Evergrande.

Nonetheless, Bitcoin managed to hold higher levels, which only resulted in a brief detour below the $ 64,900 threshold, which has been held as a BTC record since April this year.

“The markets always go higher than the majority expected. What will probably happen in the coming months, “said a still optimistic Cointelegraph employee Michaël van de Poppe, summarizing his Twitter followers.

$ 75,000 next target

New all-time highs of over $ 67,000 were posted on Wednesday, October 20, after pressure rose from BTC / USD $ 3,000.

Related: Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

The monthly candle for October, analysts noted, is already larger than the entire Bitcoin all-time high of December 2017.

“BTC is testing its old ATH for support,” wrote the Dutch crypto advisory and education platform Eight in its latest update that day.

“If we ricochet from here, some levels to watch out for are around 75,000, 87,000 and 96,000, which were derived from the recent price action with the Fibonacci retracement tool.”

BTC / USD chart with Fibonacci levels. Source: Eight / Twitter

As Cointelegraph reported, Fibonacci is responsible for long-term BTC price results, which are currently at the peak of the bull run of this cycle at up to $ 300,000. In contrast, the bottom could be anywhere from $ 47,000 to $ 60,000 – still an order of magnitude higher than the $ 3,100 floor last cycle.