Bitcoin has sent waves of excitement to the crypto community by passing its one of the All Time High price zones. $67,000 is one of the most difficult zones to pass, however this time the largest crypto crossed it with ease. But in reality, the crypto has been collecting the power for this penetration. If things are so great why is it struggling again? Let’s find out.
The Bitcoin Price Chart
There is one thing that was more difficult than $67,000 to cross. It was the downward moving parallel channel that kept Bitcoin under its influence for straight seven months. The crypto tried multiple times to bypass it but always faced rejection.
On October 14, btc was finally able to make a positive breakout. It then confirmed the zone above its upper line and moved to cross $66,900 with ease. At the time of writing, Bitcoin is facing another resistance at $68,300 and is trading at $66,877.
Other Market Metrics
Looking at the MACD histogram, it is evident that the buyers have been exhausted and it is time for a small correction. Right below the current price, the Moving Average 20 is standing to provide support to help the crypto overcome this resistance pressure. This is because the RSI had almost reached the overbought zone which is not good for any asset. It has fallen from 75 points to 62. Looking at the chart it looks like a mere correction however, there might be chances of fall because 95% of the investors are in profit now. If some whales start to take out profit, the market will make some red candles and it can cause a panic. This can cause the price to fall back to $65,000 and hold on the upper level of the parallel channel.
Looking Ahead!
Even with a 2% fall in the last 24 hours, the market conditions look good. Currently the bears are trying to shake the market however the support level holds still. It is just a matter of time when it breaks losing Bitcoin to $65,000. The rise in red in MACD histogram reflects the rising power of sellers. Traders with their long trades open are advised to practice high risk management at this point. Solidifying this support zone can help btc to rise and penetrate the $68,300 zone.
