Bitcoin (BTC) Price Analysis: BTC/USD Is Flying Following Yesterday's Sharp Gains
Bitcoin is on fire at press time, printing a mega bull bar. After yesterday’s impressive performance, the short- to medium-term trend has been defined and made
Bitcoin price is showing signs of strength on the daily chart, and bulls are back in the equation. The coin closed above $64,000 with expanding trading volume, indicating a decisive breakout. This move could herald the next leg up, with possible targets of $70,000, $72,000, and an all-time high. If the price continues to rise and sustains this momentum, it could be a continuation of the "uptober" rally, where the coin tends to close strongly.
From the daily chart, buyers are contending with the weakness, and most importantly, after weeks of doubts, the coin is back above $64,000 and inching closer to $66,000. This expansion saw the coin add nearly 3% on Wednesday, stretching gains to 5% in the previous week. At the same time, the average trading volume is up, soaring to $40 billion.
Bitcoin Price Analysis
BTC/USD is showing signs of strength on the daily chart, and bulls are back in the equation. The coin closed above $64,000 with expanding trading volume, indicating a decisive breakout. This move could herald the next leg up, with possible targets of $70,000, $72,000, and an all-time high. If the price continues to rise and sustains this momentum, it could be a continuation of the "uptober" rally, where the coin tends to close strongly.
From the daily chart, buyers are contending with the weakness, and most importantly, after weeks of doubts, the coin is back above $64,000 and inching closer to $66,000. This expansion saw the coin add nearly 3% on Wednesday, stretching gains to 5% in the previous week. At the same time, the average trading volume is up, soaring to $40 billion.
Crucially, every low might offer traders entries with first targets at $70,000 and $72,000. However, this outlook depends on the leg up having rising trading volume. In that case, the possibility of the coin defying gravity and aligning with September gains will be high.
With that in mind, immediate support is at $64,000 while the next feasible target—going at this rate—is March highs.
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