Bitcoin Bulls Bounce Above $64,000 Hurdle, Poised for More Upside Momentum

Bitcoin Bulls Bounce Above $64,000 Hurdle, Poised for More Upside Momentum

November 8, 2021

The Bitcoin (BTC) price has renewed bullish momentum as the bulls have broken through resistance at $64,000.

Bitcoin price long term forecast: bullish

Today, November 8, the market has reached a high of $65,631 and further upside is likely. This is because bitcoin bulls need to overcome resistance at $64,000 and $67,000 to resume upward momentum. Bitcoin has cleared the hurdle at $64,000. However, if it crosses the $67,000 hurdle, the BTC price will rise above the $70,000 price level. 

In the meantime, the bullish momentum will extend to the $80,000 high. However, if the bulls fail to clear the second hurdle, the BTC price will fall to the $64,000 support. If the crucial support is broken, BTC/USD will fall back to the previous trading range between $58,000 and $64,000. In the previous price action, Bitcoin fluctuated in the range-bound zone for more than two weeks before the recent breakout.

Bitcoin indicator display 

Bitcoin is at level 65 on the Relative Strength Index for period 14. It is in the bullish trend zone and above the midline 50. The market is approaching the overbought zone. The cryptocurrency is above the 90% area of the daily stochastic. Bitcoin is in a bullish momentum as the market approaches the overbought region.

Technical Indicators: 

Key resistance levels – $65,000 and $70,000.

Key support levels – $60,000 and $55,000 

What does the next direction look like for BTC/USD?

On the 4-hour chart, the BTC price was previously trapped in a range. The BTC price has broken through resistance at $64,000. This signals the resumption of upward momentum. Buyers are pushing the cryptocurrency to retest the next resistance at $67,000. Support at $60,000 is a strong buying support that has attracted buyers.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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