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Technical Analysis for BTCUSD for 7th October 2021

Bitcoin Breaks to New H2 2021 Highs; Will the SEC Approve a BTC ETF?

The SEC says it has no intention of banning cryptocurrencies, reiterating comments by the chair of the Federal Reserve, Jerome Powell.

Is Bitcoin rallying on the possibility of the U.S. SEC approving a Bitcoin ETF after many rejections?

Past Performance of Bitcoin

The Bitcoin price is trending in new H2 2021 territory and less than $10k away from all-time highs, streams from CryptoAltum reveal. 

Providing tailwinds are confident market participants and favorable fundamentals. 

Increasingly, Bitcoin continues to find adoption, and more complex derivative products are being devised.

What to Expect of Bitcoin

At the back of supportive news and technical candlestick arrangement, buyers have the upper end. 

In a bullish breakout pattern above September and August highs, BTC seems to be readying back on track to $64k. 

Even so, rejection of higher highs may see BTC dump to $51k in a retest. 

Based on sentiment analysis, BTC may be undervalued at those levels, providing entries for aggressive traders.

Bitcoin Technical Analysis

The BTC uptrend is strong as bull bars band along the upper BB. 

This suggests demand in lower time frames, providing fuel for the next wave of higher highs towards $60k and beyond. 

Because of recent gains, BTC prices are at new H2 2021 highs, within a bullish breakout pattern distinguished with rising trading volumes. 

As per BTC traders, the next feasible target lies at $60k and $64k.

Resistance level to watch: $60k

Support level to watch: $51k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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