Bitcoin bulls are likely to maintain control over bears as long as the asset stays above $66,500, with its price holding above all key moving averages, say crypto experts.
“This breakout indicates that the bulls have a firm grip, and as long as BTC remains above the $66,500 mark, the trend should continue to look positive,” analysts from Kraken crypto exchange remarked in an October 26 market analysis.
If Bitcoin sustains this level and momentum persists, the next major milestone would be the all-time high of $73,679, last achieved in March, they suggested.
“A successful move past this high could open the door for new price highs and stronger upward momentum,” they noted.
At the time of reporting, Bitcoin stands at $66,578, marking a 1.89% drop since October 25, based on data from TradingView.
On October 25, Bitcoin briefly dipped from $66,500 to $65,700, with analysts attributing this to industry uncertainty and heightened geopolitical tensions in the Middle East.
“Bitcoin seems to be reacting to the recent Tether FUD and escalating tensions in Israel and Iran,” crypto trader Hardy shared in an October 25 X post.
Concerns Surround Bitcoin’s Bearish Engulfing Pattern
On October 25, we reported that the U.S. federal government is investigating Tether, the stablecoin issuer, according to a Wall Street Journal exclusive citing insider sources. However, Tether CEO Paolo Ardoino dismissed the report as “old news.”
This is not Bitcoin’s only recent setback. On October 21, analysts observed a “potential bearish engulfing pattern,” raising caution for a possible short-term pullback.
For the past seven months, each bearish engulfing pattern close to a price peak has led to significant corrections.
Bitcoin’s price fell 3.59% on October 21, moving from $69,367 to $66,873.
Analysts also highlighted Bitcoin’s relative strength index (RSI), which is a technical indicator evaluating price momentum to assess if an asset is overbought or oversold. Bitcoin’s RSI currently suggests it might be due for a period of “temporary consolidation or a modest pullback.”
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