As the price surge of Bitcoin surpasses the $70,000 region, will the flag breakout rally extend to the lofty $80,000 region by November?
The crypto market has reached a $2.4 trillion market cap, an increase of 4.8% over the past 24 hours. Bitcoin has also significantly increased by nearly 5% in the past 24 hours.
Bulls anticipate the BTC price creating a new all-time high after crossing above the $70,000 psychological mark. Should you consider buying Bitcoin near its all-time high?
Bitcoin (BTC) Price Analysis
The Bitcoin (BTC) price is currently trading at $71,173, surpassing the crucial psychological mark and attaining a market cap of $1.4 trillion. Bitcoin’s 24-hour trading volume is inching closer to the $50 billion mark and is currently at $47.14 billion, an increase of 1.48%.
In the daily chart, the BTC price action reveals a bullish flag breakout rally gaining momentum after a post-retest reversal. Making five consecutive bullish candles, the BTC price has increased by 8.48% from its seven-day low of $65,521.
Heading towards its all-time high of $73,794, the breakout rally in Bitcoin is showcasing increased chances of a new all-time high.
The MACD and signal lines give a positive crossover with a surge of bullish histograms, supporting the bullish trend. Furthermore, the simple moving averages of 50-day and 200-day give a golden crossover.
Bitcoin’s Rising Channel
In the 4-hour chart, the BTC price action reveals a rising channel pattern. Currently, a bullish trend continues within the channel as BTC bounces back from the support trend line.
Making a 24-hour high at $71,500, the BTC price is heading toward the overhead resistance trendline. Using the trend-based Fibonacci level within the rising channel, the BTC price is facing opposition from the 50% level at $71,463.
Will Bitcoin create a new All-time High?
With the recovery rally in BTC price gaining momentum, the bulls may shortly test the overhead trendline near the 78.60% Fibonacci level at $74,500. Further, the chances of BTC hitting a new all-time high level have significantly increased amid the increased breakout chances.
For a longer-term projection, the Fibonacci retracement tool in the daily chart paints the next resistance levels above the all-time high at $78,318 and $84,929, corresponding to 1.272 and 1.618 Fibonacci levels, respectively.
