Here’s Why Bitcoin ($BTC) is Just a Bullish Rally Away From ATH


Bitcoin ($BTC) breached $55,000 earlier today to post a new 5-month high of $55,568 with a near 10% gain over the past 24-hours. The top cryptocurrency has managed to breach the key resistance of $55K but couldn’t hold onto the support and currently trading at $54,287.

Source: TradingView

The top cryptocurrency is looking to take the bullish momentum into the second week of October to extend the gains. However, $55K remains a key resistance before the top cryptocurrency can move into the sub-$60K price zone and retest its all-time-high (ATH) above $64K. Key on-chain metrics indicate a growing bullish sentiment in the market as the Gree and Fear Index reached a value of 76, representing extreme greed among traders.

Source: Alternative

After a bearish September month when $BTC lost more than 20% of its valuation the Fear and Greed index has reached extreme fear, as visible from the above chart, until last week the market sentiment was more bearish than bullish. However, with the start of the new month, $BTC has not just regained most of its losses from the last month, it also managed to break the crucial $55K resistance and now looks to consolidate above it.

Bitcoin is Just a Rally Away From ATH

Bitcoin hit an ATH of $64,863 on April 14 and is currently down by 17% from the top, a gap that can be easily covered in a bullish rally by the top cryptocurrency. Market analysts believe a clear break above $55K would leave little resistance to ATH.

Bitcoin’s Network Value to Transactions Ratio (NVT) is on the rise indicating a bullish momentum building in favor of the top cryptocurrency. BTC’s NVT value showed bullish divergence for the first since February this year, marking an 8-month high. NVT model.

Source: Santiment

With a surge above $55K, Bitcoin’s market valuation also breached the $1 trillion mark again, and looking at the growing whale accumulation and expected final quarter, the price target of $100K for BTC  are back into the picture. And if a Bitcoin ETF is indeed passed by the SEC, the five-figure price mark would become more possible.

The post Here’s Why Bitcoin ($BTC) is Just a Bullish Rally Away From ATH appeared first on Coingape.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Price Prediction – Why did Bitcoin Price Crash?

The cryptocurrency market recently saw a huge spike in prices. Bitcoin, the leading cryptocurrency by market cap saw a rise of more than 10% in the past 7 days. Today on the other hand was a red day. The cryptocurrency market on an aggregate level lost around 4%. Most investors are already dreading their sudden

This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US

Earlier today, the bitcoin price temporarily dove from $65,820 to a meager $8K on Binance.US, losing some mind-boggling 87% in value before making up those losses in the span of a single minute. Bitcoin Flash Crashes To $8K On Binance.US Bitcoin endured a violent correction on Thursday, but only for Binance’s exclusive United States cryptocurrency

Rich Dad Poor Dad Author Robert Kiyosaki Tells Why He Loves Bitcoin

Renowned Rich Dad Poor Dad author Kiyosaki loves bitcoin over fiat. Kiyosaki advocates for Bitcoin as a superior store of value to the dollar. Staggering debt will soon disqualify the dollar as a store of value. Robert Kiyosaki, the author of the famous book ‘Rich Dad Poor Dad’ says that he loves Bitcoin and distrusts