- Bitcoin is poised for a breakout, with bulls in control and a key resistance level at $68,000.
- A successful break above this resistance could lead to new all-time highs by the end of the year.
- If bulls fail to clear this level, Bitcoin may drop to the support level of $57,500.
Bitcoin (BTC) finally reached the $66,500 market price for the first time since August 1st. The rally could largely be attributed to whales and sharks within the cryptocurrency market, who continued their accumulation and helped prevent Bitcoin’s price momentum from falling for a longer period of time. In the past six months alone, wallets holding over 10 BTC had amassed a total of $4.08 billion worth of cryptocurrency.
Despite this bullish trend, Bitcoin’s price fell back after briefly hitting the $66,500 mark. At the time of writing, BTC changes hands at $64,401, with a 24-hour trading volume of $83.07 billion and a market capitalization of $1.27 trillion. Over the last 24 hours, its price has moved backward by 1.69%, underlining the indicated volatility in the crypto market.
Bitcoin Eyes $68K Resistance as Bulls Take Charge
From a technical standpoint, BTC is positioning for a breakout and bulls are in control. Attention is now shifted to the key resistance at $68,000. If bulls can recover this level and break the upper boundary of the current broadening wedge formation, BTC might reach new all-time highs before the close of the year.
Conversely, if the bulls fail to clear this resistance or in case of a fakeout, Bitcoin could retreat back to the support line at $57,500 for a possible change in trend.
Moreover, Santiment’s analysis underlines an interesting dynamic in market psychology. Currently, there’s an account of 1.8 bullish posts about Bitcoin for every bearish post, suggesting prevailing optimistic sentiment among traders.
But history has often proved that the opposite of what is expected from the crowd tends to move in markets. This therefore, in turn, means those who wait for Bitcoin to reach new all-time highs may need to temper expectations.
As BTC moves through these important levels, days ahead will be the turning points for its course. Investors and traders alike are in a close watch of this price action and market sentiment as they take positions for a period of volatility that is expected to be significant.
Related | Ethereum (ETH) Poised for Upside: Key Targets $2,810 to $3,570
