There was another milestone reached for BTC during the previous week. The coin managed to reach its new all time highest value, by touching the level of $70K. The coin reverted a bit after this move, however, it is still ending the week at relatively higher levels, above $68K. Current question is whether BTC might go even higher from its historical levels? Theoretically, it might. Analysts are noting that there is a difference between now and the year 2021. During the previous period, BTC was only a coin where crypto enthusiasts were investing, and maybe some who were speculating on the market due to its high volatility. At present days, BTC is widely accepted in the mainstream, through the approval of several exchange traded funds, where the majority of investors have the opportunity to diversify their portfolios with risky, but increasing-in-value asset classes. In this sense, the majority of analysts are in agreement that the BTC might move even further from current levels, still, only the market can be the one to decide which will be BTC`s actual new highs.
During the week BTC continued to move toward the upside. There has been a drop on Tuesday toward the lowest weekly level at $60K, for which analysts involved in a matter are commenting that was influenced by the sale of part of FTX holdings. We cannot confirm if this was the reason, but such a sharp move is almost always influenced by the significant amount on the sale side, which can be made from significant holders of the BTC. Nevertheless, the BTC swiftly changed the course and soon reached the ATH. The RSI continues to move within a strongly overbought territory for the second week in a row. When the markets are in “ordinary” mood this would be treated as a clear indication of a coming reversal, however, the hype is still quite strong on the crypto market, so it is questionable if a reversal could come during the week ahead. Moving average of 50 days continues to diverge from MA200 indicating that the potential cross will not come anytime soon.
Previous week we have noted that the BTC is in a strong bull market, during which only a small correction could be expected. This holds also for the week ahead. During periods of strong hype, the technical analysis indicators might provide some mixed signals. For the moment, the level of $70K became a brand new resistance line, while the short term stop is at $68K. Whether in the week ahead BTC might break the $70K, is about to be seen.
During the week BTC continued to move toward the upside. There has been a drop on Tuesday toward the lowest weekly level at $60K, for which analysts involved in a matter are commenting that was influenced by the sale of part of FTX holdings. We cannot confirm if this was the reason, but such a sharp move is almost always influenced by the significant amount on the sale side, which can be made from significant holders of the BTC. Nevertheless, the BTC swiftly changed the course and soon reached the ATH. The RSI continues to move within a strongly overbought territory for the second week in a row. When the markets are in “ordinary” mood this would be treated as a clear indication of a coming reversal, however, the hype is still quite strong on the crypto market, so it is questionable if a reversal could come during the week ahead. Moving average of 50 days continues to diverge from MA200 indicating that the potential cross will not come anytime soon.
Previous week we have noted that the BTC is in a strong bull market, during which only a small correction could be expected. This holds also for the week ahead. During periods of strong hype, the technical analysis indicators might provide some mixed signals. For the moment, the level of $70K became a brand new resistance line, while the short term stop is at $68K. Whether in the week ahead BTC might break the $70K, is about to be seen.
