After a broadly bullish day for Bitcoin and the broader market on Tuesday, the crypto market has had a relatively bullish today. Throughout the morning, Binance Coin, Chainlink, and Polkadot defied the larger market trend. The rest of the majors, on the other hand, have had a good day.
Bitcoin Price Action
Bitcoin soared back to $63,000 levels after avoiding the first key support barrier at $61,176.
To bring the first significant resistance levels at $64,806 and $65,000 into play, Bitcoin would have to prevent a collapse through the pivot at $62,734.
However, for Bitcoin Price to break above $63,565.0, it will need support from the rest of the market. If a crypto rally does not last long, the first significant resistance at $65,000 will likely cap any further gains.
Also, If the price falls below the pivot at $62,734, the first significant support level at $61,176 will be tested.
Bitcoin should avoid falling below $60,000 unless there is a sustained sell-off. The $59,104 Level is the second significant support level.
BTC Deja Vu to 2017
As the end of 2021 approaches, one crypto market analyst believes that altcoins are poised to unleash a massive rise.
TechDev, a pseudonymous crypto market expert, says the altcoin market is currently repeating its price activity during the 2017 bull cycle to his Twitter followers.
If the altcoin market follows TechDev’s script, it might reach $7 trillion by early 2022 before undergoing a major correction.
When it comes to Bitcoin (BTC), TechDev points out that the monthly relative strength index (RSI) appears to be rising into historic resistance, which has previously indicated the tops of past Bitcoin bull cycles. The RSI is a momentum indicator that measures how quickly an item is moving.
When comparing Bitcoin’s price behaviour to that of November 2017, TechDev believes the cryptocurrency is poised to enter the next phase of its bull run.