Bitcoin bulls will keep the upper hand over bears as long as the price holds above $66,500, after the asset has positioned itself above “all key moving averages,’ according to crypto analysts.
“This breakout suggests that bulls are firmly in control, and as long as BTC remains above the $66,500 level, the trend should remain constructive,” crypto exchange Kraken analysts opined in an Oct. 26 market report viewed by Crypto Newz Alert.
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Bitcoin set to reclaim ATH if it continues ‘upward movement’
The analysts claimed that if Bitcoin BTC$66,929 holds above this price level and the asset continues its “upward movement,” the next critical stage will be the $73,679 all-time high it reached in March.
“A successful break above this level would likely open the door for new price discovery and further upside momentum,” they stated.
At the time of publication, Bitcoin price is $66,578, down 1.89% since Oct. 25, according to TradingView data.
On Oct. 25, Bitcoin’s price briefly slipped from $66,500 to $65,700, with crypto analysts attributing the dip to crypto industry uncertainty and escalating geopolitical tensions in the Middle East.
“Bitcoin is possibly reacting to the Tether FUD earlier and now the war news on Israel and Iran,” crypto trader Hardy claimed in an Oct. 25 X post.
Recent concerns over Bitcoin Bulls engulfing pattern
On Oct. 25, Crypto Newz Alert reported that the United States federal government is investigating stablecoin issuer Tether. The Wall Street Journal reported in an “exclusive” article on Oct. 25, citing “people familiar with the matter.” However, Tether CEO Paolo Ardoino called the story “old noise.”
It’s not the only sudden drop Bitcoin has seen over the past seven days. On Oct. 21, the analysts highlighted that Bitcoin showed a “potential bearish engulfing pattern, which may introduce some short-term caution.”
Right now is no different, as bitcoin (BTC-USD) is among the many assets getting a boost following the Federal Reserve’s rate cut.
There’s another potential big catalyst coming, and it’s a fairly binary one. But bitcoiners being bitcoiners, they think that prices can rise in either scenario.
Lee said that some of bitcoin’s recent gains are linked to odds of a Trump win. On the flip side, “I don’t think bitcoin necessarily responds to Harris becoming president,” he said. “Bitcoin will then focus on a dovish bet because in an easing cycle, this is a big tailwind for risk assets, and that would be bullish for bitcoin.”
The event is the US presidential election.
I recently spoke to two of the prominent bitcoin faithful, Tom Lee of Fundstrat and Michael Novogratz of Galaxy Digital, at the Future Proof festival in California. Both see a path to the election as a win-win for bitcoin.
Crypto Newz Alert recently reported that over the past seven months, each bearish engulfing pattern near a range high has been followed by a steep correction.
Bitcoin’s price dropped 3.59% during the Oct. 21 trading day, sliding from $69,367 to $66,873.
The analysts pointed to this alongside the relative strength index (RSI) — a technical analysis indicator that looks at the scale of recent price fluctuations to determine if Bitcoin is overbought or oversold — noting it is “coming off an overbought position.”
This signals that Bitcoin may face “some temporary consolidation or a minor pullback,” according to the analysts.
Former President Donald Trump has been an outspoken proponent of crypto. He’s pledged to fire Securities and Exchange Commission Chair Gary Gensler, who is perceived as a crypto foe by the industry. He has said that the US Treasury would retain any crypto seized from criminals, although he stopped short of saying the government would purchase bitcoin. He made a big splash speaking at the crypto industry’s biggest conference in late July.
Vice President Harris hasn’t staked out an official position on crypto, so many of the vocal crypto faithful have thrown their support behind Trump.
