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Technical Analysis for BTCUSD for 21st October 2021

Bitcoin Springs 12% for a New All-Time High, BTC Traders Angling for $100k

Bitcoin broke to a new all-time high a day after the SEC approved ProShares Bitcoin Futures ETF hit bourses in New York.

Past Performance of BTC

The uptrend remains, and buyers are upbeat. 

The BTC/USDT pair, as CryptoAltum price feeds reveal, is trading at new all-time highs, steady on the last trading day but up 12 percent week-to-date.

What to Expect of BTC

As per the Bitcoin candlestick arrangement in the daily chart, the path of least resistance appears to be upwards and the primary trajectory defined. 

In a bullish breakout above a critical resistance level at $64k, every low may offer entries for traders even as Bitcoin trends in new territories. 

Provided BTC prices are above $64k, most analysts' prediction of the coin reaching six figures by the end of the year may be realized.

Bitcoin Technical Analysis

The BTC/USDT price is within a bullish breakout pattern changing hands above $65k when writing. 

The upswing above $64k has high trading volumes, and bull bars are banding along the upper BB. This suggests demand and increased momentum. 

Accordingly, traders may search for entries, targeting $106k, a critical Fibonacci extension level of the 2017-2021 trade range.

Support level to watch: $64k

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

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