On November 8, cryptocurrency values remained generally in the green. Solana has risen to fourth place in the cryptocurrency rankings. Ether, the second-largest cryptocurrency, has risen almost 4% in the last 24 hours, reaching a new high of $4,700. Ripple’s XRP has also increased by nearly 10.8% in the previous 24 hours.
As its price started a fresh surge above $65,000 against the US Dollar, Bitcoin is finally back on track and potentially creating an impetus for an upside extension to a new all-time high.
The market share of Bitcoin is dwindling. On Monday, the percentage dropped from 46 percent last month to 43 percent. Experts believe the market’s narrative is shifting to altcoins as Bitcoin’s power declines.
Bitcoin Price Analysis
BTC has been fluctuating on either side of $62k for the last two weeks, until this morning. At the time of writing Bitcoin is trading at $65,146. This month, the Bitcoin price has risen multiple times from below $60k, only to fall back to psychological support.
The price of bitcoin remained well above the $60,000 support level. As a result, BTC began a new rise above the resistance levels of $62,500 and $63,500. The bulls even managed to push the price past $65,000.
As per the daily chart, BTC Price is trading at its highest point while breaking above trendline resistance. As a result of consolidation in the past week, the RSI indicator which is above 60 level hints at the major rally.
And because of the recent sideways action, the Relative Strength Index (RSI) reads just 63, suggesting the impulse higher could have more room to run.
If the flagship currency maintains a bullish pace above $65K, traders expect BTC Price to hit a new high this week. Further, if BTC surges above its ATH at $66,999, the next major resistance lies at $68k. on successful breakout of these levels can take bitcoin price to $72k in this month.
If bitcoin fails to hold above the $66,000 resistance level, a start afresh downside correction can be imminent. The initial support on the downside lies at $64,500 level.
Analyst Bullish on BTC Price!
The chart below was recently produced by independent market analyst ‘Rekt Capital,’ showing the fact that BTC has switched a critical resistance level into support.
If BTC Price manages to hold support and go higher, analyst Michal Van De Poppe shared the graphic below, which shows one possible path the price could take as 2021 comes to a close.
Twitter user ‘GalaxyBTC’ presented a more basic and straightforward price forecast, predicting an $80,000 breakout objective.
Whale wallet behavior, according to CryptoQuant CEO Ki-Young Ju, continues to have a substantial impact on Bitcoin pricing.
As previously stated, whale wallets account for the majority of Bitcoin exchange deposits, yet exchange reserves continue to decline, which is a bullish indication for BTC because the limited supply available for purchase leads to price hikes when demand soars.