Bitcoin Is Heating Up Again And Nearing Resistance: Where Might It Be Headed Next?

October 8, 2021 4:25 pm
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Bitcoin Is Heating Up Again And Nearing Resistance: Where Might It Be Headed Next?

Bitcoin (CRYPTO: BTC) is trading higher Friday in a relatively green cryptocurrency market.

Bitcoin has been pushing higher and once again is nearing its resistance level. A break of resistance could let the crypto shoot higher, but a rejection at the resistance could call for a drop back lower.

Bitcoin was up 1.56% at $54,615.20 at last check Friday afternoon.

Bitcoin Daily Chart Analysis

  • Bitcoin has been pushing higher and now nears resistance in what technical traders would call a sideways channel pattern.
  • The $60,000 is an area where in the past Bitcoin has found resistance. Bitcoin is holding above the $45,000 level, an area the crypto has found support before. These levels may continue to hold in the future.
  • The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the crypto is looking bullish.
  • Each of these moving averages may hold as an area of support in the future.
  • The Relative Strength Index (RSI) has been moving higher the past few weeks and now sits at 67. This shows there have been more buyers in the crypto than there has been sellers.

btcdaily10-8-21.png

What’s Next For Bitcoin?

Bullish traders are looking to see Bitcoin push higher and break above the $60,000 level. Bulls are then looking to see a period of consolidation above the resistance level. Consolidation above resistance could let the stock see a further bullish push.

Bearish traders are looking to see the stock start fading back lower and break below the $45,000 level. If this happened, the crypto could see a further push down toward the next possible area of support, the $30,000 level.

Photo by Executium on Unsplash

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