Bitcoin bulls will keep the upper hand over bears as long as the price holds above $66,500, after the asset has positioned itself above “all key moving averages,’ according to crypto analysts.
“This breakout suggests that bulls are firmly in control, and as long as BTC remains above the $66,500 level, the trend should remain constructive,” crypto exchange Kraken analysts opined in an Oct. 26 market report viewed by Cointelegraph.
Bitcoin set to reclaim ATH if it continues ‘upward movement’
The analysts claimed that if Bitcoin (BTC) holds above this price level and the asset continues its “upward movement,” the next critical stage will be the $73,679 all-time high it reached in March.
“A successful break above this level would likely open the door for new price discovery and further upside momentum,” they stated.
At the time of publication, Bitcoin’s price is $66,578, down 1.89% since Oct. 25, according to TradingView data.
Bitcoin is trading at $66,578 at the time of publication. Source: TradingView
On Oct. 25, Bitcoin’s price briefly slipped from $66,500 to $65,700, with crypto analysts attributing the dip to crypto industry uncertainty and escalating geopolitical tensions in the Middle East.
“Bitcoin is possibly reacting to the Tether FUD earlier and now the war news on Israel and Iran,” crypto trader Hardy claimed in an Oct. 25 X post.
Recent concerns over Bitcoin bearish engulfing pattern
On Oct. 25, Cointelegraph reported that the United States federal government is investigating stablecoin issuer Tether. The Wall Street Journal reported in an “exclusive” article on Oct. 25, citing “people familiar with the matter.” However, Tether CEO Paolo Ardoino called the story “old noise.”
It’s not the only sudden drop Bitcoin has seen over the past seven days. On Oct. 21, the analysts highlighted that Bitcoin showed a “potential bearish engulfing pattern, which may introduce some short-term caution.”
Cointelegraph recently reported that over the past seven months, each bearish engulfing pattern near a range high has been followed by a steep correction.
Related: 4 reasons why Bitcoin price is not trading above $70K
Bitcoin’s price dropped 3.59% during the Oct. 21 trading day, sliding from $69,367 to $66,873.
The analysts pointed to this alongside the relative strength index (RSI) — a technical analysis indicator that looks at the scale of recent price fluctuations to determine if Bitcoin is overbought or oversold — noting it is “coming off an overbought position.”
This signals that Bitcoin may face “some temporary consolidation or a minor pullback,” according to the analysts.
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