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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Recovery Sparks Hope For $73,811 Breakout, New All-Time High In Sight?

Godspower Owie
Godspower Owie
11 months ago
3 mins read
Bitcoin

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Bitcoin’s recent bullish momentum has sparked optimism among traders and investors, as the cryptocurrency edges closer to its all-time high. Following a significant recovery, Bitcoin is once again climbing, with the pivotal $73,811 mark in sight. This renewed upward movement signals a potential breakout, raising the question: could Bitcoin be on the verge of a historic rally? With key indicators turning positive and confidence building in the market, BTC’s journey toward its record high could pave the way for a new chapter in its remarkable ascent.

Specifically, this article aims to explore Bitcoin’s recent upbeat momentum and its implications for reaching new heights. Furthermore, by analyzing key technical indicators, market sentiment, and resistance levels, this article seeks to provide readers with insights into Bitcoin’s potential path to its all-time high, evaluating whether a breakout past $73,811 is on the horizon.

The Road To Recovery: Bitcoin’s Recent Bullish Momentum

After a recent recovery at $65,082, BTC’s price on the 4-hour chart has steadily gained strength, edging closer to its all-time high of $73,811 with an eye on a potential breakout. Trading above the 100-day Simple Moving Average (SMA), BTC shows a strong upward trend that supports the possibility of surpassing this record level.

Bitcoin
BTC moving closer to its all-time high of $73,811 | Source: BTCUSDT on Tradingview.com

Meanwhile, an analysis of the 4-hour Relative Strength Index (RSI) reveals promising potential for continued upward movement, as the RSI has recently surged from the neutral 50% mark to 77%. Typically, the RSI’s movement toward the 77% level is seen as a strong bullish indicator, suggesting that buyers remain in control, potentially paving the way for further upward price action. If this trend persists, it could indicate that BTC’s rally is well-supported by investor confidence and positive sentiment.

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Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

11 months ago

Also, on the daily chart, Bitcoin has demonstrated solid upward movement, highlighted by several bullish candlesticks after a successful rebound from the $65,082 level. This recovery has kept BTC trading above the 100-day SMA, underscoring sustained buying strength and a positive trend continuation.

Bitcoin
Bitcoin showing robust movement after a rebound at $65,082 | Source: BTCUSDT on Tradingview.com

Finally, on the 1-day chart, a detailed examination of the RSI formation indicates renewed upbeat strength for Bitcoin as the indicator’s signal line has risen again to 68% after dropping to  55%, suggesting a sustained optimistic outlook. A rise to the 68% level usually signifies that BTC is experiencing increased buying pressure, as traders are becoming more hopeful about its future price performance.

What A Breakout Above $73,811 Could Mean For Bitcoin

A breakout above the $73,811 resistance level could mark a crucial turning point for Bitcoin’s future. Clearing this key threshold would not only strengthen bullish sentiment among investors but is also likely to spark a new wave of buying activity, driving prices higher in the pursuit of a new all-time high.

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Bitcoin Breaks Through $65,000, Is “Uptober” Rally Just Getting Started?

1 year ago

Nonetheless, if BTC fails to break above the $73,811 level, it may start to decline again towards the $65,082 support level. Should this support level be breached, it could lead to additional downward momentum, potentially pushing the price toward $60,152 and other lower ranges.

Bitcoin
BTC trading at $71,266 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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