Bitcoin Bulls Are Unrelenting After Rejection from $67,000 Resistance

Oct 21, 2021 at 08:50 // News
Coin Idol
Bitcoin has fallen back to support at $64,000

Bitcoin (BTC) price has risen to a high at $67,000 after bouncing back above support at $64,000. Today, the BTC price has fallen back to the $64,000 support as the market resumed consolidation above it.

Yesterday's rise to a high at $67,000 resembles a vertical rally that is not supported by strong fundamentals. Bitcoin has fallen back to support at $64,000, suggesting that bullish gains have been wiped out after rejecting the recent high.

The current support was the previous resistance. Bitcoin's path above the $70,000 psychological price level is possible if current support holds. A breakout above the $67,000 resistance will drive the cryptocurrency above the $70,000 high. Today, the bears are retesting the current support to break it. However, there are candlesticks with long tails indicating that there is strong buying pressure above current support.

Bitcoin indicator reading

BTC price of BTC has fallen from the high of 78 to 72 on the Relative Strength Index for period 14. The cryptocurrency is still trading in the overbought region of the market. Bitcoin has no room to recover upwards. The BTC price is in bearish momentum as it is below the 80% area of the daily stochastic.


Technical indicators:

Major Resistance Levels - $65,000 and $70,000

Major Support Levels - $60,000 and $55,000

What is the next direction for BTC/USD?

On the 4-hour chart, the BTC price is in a strong uptrend. The strong trend does not respect the overbought condition of the cryptocurrency. The bullish trend line has been unbroken since the September 29 rally. Today, the retraced candlestick tested the trendline and bounced off it, suggesting that further upside is likely. However, if the price breaks the trendline and closes below it, the uptrend is considered to be over.


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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