Bitcoin (BTC) Price Analysis – Nearing a New All-Time High

6:26 am, Mon, 18 October 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below $62,500 and is looking extremely bullish in the immediate short term. We can clearly see that BTC is in an uptrend on all the major timeframes, and we can expect another leg up soon. It is highly likely that the next leg for Bitcoin will put it at a new all-time high of around $65,000.

Bitcoin (BTC) Price Analysis 2021 October 18

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Analyzing the Charts

If we take a look at the 1-hour charts we can observe that Bitcoin is currently going sideways and is facing some resistance at the $62,500 mark.

Bitcoin Price Analysis 2021 October 18

The $62,500 mark is the previous top we put on the 16th of October and we are facing resistance at this level again in the short term.

However, once we get above this level the next target, we would be looking for Bitcoin would be around $64,800 (previous all-time high).

BTC Price Analysis 2021 October 18

On the other hand, if we fail to break above this level, the support we would be watching for Bitcoin is around the $59,500 mark.

Bitcoin (BTC) Price Analysis 2021 October 18

However, this scenario is highly unlikely as we are in a clear uptrend and the momentum is bullish. Bitcoin is also currently trading above all the moving averages on most timeframes which is another indication that we are likely to see another leg up.

Conclusion: What is Next for Bitcoin (BTC)?

Right now Bitcoin is trading just below $62,500 and it is not too far away from its previous all-time high. We can expect Bitcoin to break above its previous all-time high in the coming hours and once we get there we can expect another price pump. Breaking above all-time high will send the asset in price discovery mode and we might see a $70,000 Bitcoin soon.

Bitcoin Price Analysis 2021 October 18

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