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Thursday, October 28, 2021

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    Bitcoin explodes, long-awaited resistance is broken

    Bitcoin just experienced a sudden surge this afternoon up 8% to $ 55,000. Earlier today, its price was once again above $ 50,000, a key level that experts were watching.

    © CoinMarketCap

    According to technical analysis, resistance at $ 52,500 Still siled the Bitcoin cryptocurrency from the peaks of the month of April. It was this afternoon that investors managed to overcome the threshold. Subsequently, the currency rose to $ 55,000 before finding support at $ 54,000.

    Bitcoin explodes, altcoins fall

    As the expert in the field Grégory Raymond indicated on Twitter, it will now be necessary to wait until the end of the day for a solid confirmation to be established. Technical analysis is not an infused science and the price of Bitcoin could still turn around, the short position takes the lead.

    Another indicator could reinforce the idea that Bitcoin is back towards April highs. This is the graph of Bitcoin’s dominance in the capitalization cryptocurrency market. If the capitalization of altcoins drops, this would confirm the presence of transient flows to Bitcoin.

    Currently, the world’s largest cryptocurrency weighs 44% in the overall market capitalization. Up two percentage points over a week.

    October Bitcoin Domination

    © CoinMarketCap

    What will the price of Bitcoin be?

    Also according to technical analysis, the future level to be crossed for Bitcoin, now above its long-awaited resistance, will be over $ 65,000. This is its highest price reached this year in April, and which will present itself to investors as a psychological barrier.

    This return to cryptocurrency growth might seem rushed. Indeed, it comes only a few days after the delicate period established by the Chinese restrictive measures, banning cryptocurrency exchanges within the country. Because of this news, Bitcoin had failed its passage above resistance at $ 52,500 and fell back to $ 40,000.

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