New all-time high! – Bitcoin reached a new all-time high against the euro by crossing the €60,000 mark. That’s not all, the price of Bitcoin also marked a new all-time high by returning to $69,000.
The price of Bitcoin closed last week around $63,000. The week starts in the green, and BTC finds the last ATH. However, sellers are already showing themselves at the $69,000 level. Let’s take a look at the situation on Bitcoin in today’s bulletin!
Taking profits at the ATH level
The king of cryptocurrencies has hit $69,000 before drop below $65,000. The price of Bitcoin shows a drop of 1% in 24 hours :
In one week, the course remains in 15% increaseand in one month, it displays a increase of almost 55%. The BTC/ETH pair drop of more than 6% in 24 hoursand of more than 10% in three months.
Is the bull run on for Bitcoin and cryptoS?
The Bitcoin spot ETF validated by the SEC earlier this year appears to have disrupted the usual rhythm of the Bitcoin cycle. Indeed, the validation of ETFs has generated a huge demandand this time, the price of Bitcoin marked a new all-time high before BTC halving.
On the other hand, if institutional demand is significant, the new participants do not seem to have arrived yet. In any case, this is what the data from Google Trends :
BTC has just mark a new all-time highbut Google searches associated with Bitcoin are at equivalent levels at the end of 2020. A situation reminiscent of beginnings of a new bull market phase. In fact, the curve representing searches for the word Bitcoin moving upwards againsuggesting a renewed investor interest in BTC. When the BTC will clearly cross the ATHa new phase ofeuphoria could be triggered. This is exactly what happened at the start of 2021.
Buyers push, but sellers resist
The price of Bitcoin has managed to marked a historic highbut the sellers showed up at $69,000. Also, Bitcoin fell below the support zone present around $67,000 :
Buyers must defend support at $64,500 to avoid falling towards the next support located at $61,500. If the media is retained, a back to $67,000 is possible. If the 4H close is like this, the RSI could mark a bearish divergencea sign that the rise is running out of steam.
The price marked an all-time high, but sellers managed to push buyers back to $69,000. It will be necessary to hold on to $64,500 to avoid falling towards the next support at $61,500. Meanwhile, Google searches for the word Bitcoin appear to show similar conditions at the start of the last bull market. For its part, will Ethereum return to $4,000?