Bitcoin price is skyrocketing but what’s happening?
The US elections are coming up and so is the end of the year. The good news is piling up with more and more indices following the price of Bitcoin and Ethereum indexed on the stock exchange. The development of the industry, tokens and Defi continues at full speed.
Let’s take a step back and see what the prices tell us about Bitcoin. To do so, let’s first go back to March of this year. At that time, Bitcoin had created the surprise by exceeding its ATH. A slightly downtrend period followed until September. Small reminder.
Prices have been gradually falling from $73,000 to $55,000. While everything suggested that price prices would continue to fall, some indicators show the opposite. This is the case of Bitcoin’s selling reserves on exchanges.
If you want to understand this phenomenon better, I invite you to read my article on the subject on Publish0X. We then experienced a bullish rebound that consolidated around October 10 with a new uptick, which created a bullish break in the previously formed channel.
Currently we are in this bullish channel, the market seems very optimistic but some questions remain unresolved?
- What areas of support?
- Which resistance zones?
- Can we achieve a new ATH?
Let’s go back to the price curve to see more clearly.
What is obvious is that the resistance and support zones of the last two months do not seem to be relevant anymore. Consolidation based on a channel between $71,000 (former March resistance) and $73,000 (ATH) seems very likely. In case of a breakthrough of the ATH of Bitcoin, it is difficult to define in advance how the market will react. Generally, however, this has a beneficial psychological effect on the BTC market. To follow. The next few days will be crucial to whether BTC consolidates its price, sets a new record or falls back into a lower support zone. For other cryptocurrencies, it will be necessary to look in detail because not all projects meet the same enthusiasm, some assets could have a very good performance while others could miss the opportunity to gain in valuation. To be continued.
