Bitcoin Breaks Above $68,000, Where Does It Go From Here?

Bitcoin has set a new record high of $68,571 in the early hours of Tuesday. The asset has been rallying for a while now and has reached multiple milestones since then. October had proven to be just what the doctor for the pioneer cryptocurrency as a number of bullish news saw the digital asset bound towards a new all-time high.
After hitting $67K in October, BTC had consolidated well below its record high for some time. However, this would not last. November came in with even better optics for the digital asset, leftover from its rally the previous month. With this, BTC had taken off on a slow but steady upward trend.
Related Reading | JPMorgan Analysts Put Ethereum Fair Value At $1,500, With Bullish Outlook For Bitcoin
This trend finally paid off when the price of the asset spiked on Tuesday, sending the price of bitcoin above the $68,000 resistance point. The spike saw BTC gain over $2,000 in value, sending it to the mid-$68,000.
Buy Pressure Mounts On The Market
Even with the price of the digital asset so high, buy pressure has not let up in the market. Short-term (20-day average) indicators point towards a 100% buy pressure on the market. This is going against the grain when it comes to bull markets where the asset hits a new all-time high. Usually, the arrival of a record high will signal sell pressure in the market as investors try to claim gains from their holdings but this is not the case.

BTC hits new all-time high | Source: BTCUSD on TradingView.com
On the medium term (50-day average), indicators remain identical to the short-term. The market is under 100% buy pressure in the medium, as the average volume sits at 44,143. Long-term (100-day average) however balances between buying and selling. With all pointing to an 88% buy average across the three terms. Spelling immense buy pressure in the market.
These point to further upside being expected in the value of the asset. Bitcoin has now dropped down below its ATH, falling to the low $68,000 territory. Nevertheless, the correction points to BTC finding a landing point for another bounce upward.
Further Indicators For Bitcoin
The short term is looking incredibly bullish for bitcoin. The digital asset continues to trade well above the 100 and 200-day moving average. These indicators point to the rally being in full bloom. Analysts have put the price of BTC at $100,000 by the end of the year and if the market continues on this trend, then the asset may end up beating this before then.
Related Reading | How Bitcoin Has Performed Compared To Top Stocks
Market sentiment has also never been better. The Crypto Fear & Greed Index shows that the market is now deep in “Extreme Greed” territory. As investors rush into the market to get a piece of the action, it will only work to further push the price of BTC up, although major resistance is expected at $68,250.
Featured image from Medium, chart from TradingView.com

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,260.04
ethereum
Ethereum (ETH) $ 1,587.91
tether
Tether (USDT) $ 0.999828
bnb
BNB (BNB) $ 211.83
xrp
XRP (XRP) $ 0.501982
usd-coin
USDC (USDC) $ 0.999546
staked-ether
Lido Staked Ether (STETH) $ 1,587.67
cardano
Cardano (ADA) $ 0.245741
dogecoin
Dogecoin (DOGE) $ 0.060832
solana
Solana (SOL) $ 19.33
tron
TRON (TRX) $ 0.084640
the-open-network
Toncoin (TON) $ 2.14
polkadot
Polkadot (DOT) $ 4.03
matic-network
Polygon (MATIC) $ 0.520285
litecoin
Litecoin (LTC) $ 64.39
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,232.03
bitcoin-cash
Bitcoin Cash (BCH) $ 213.99
chainlink
Chainlink (LINK) $ 7.46
dai
Dai (DAI) $ 0.999740
true-usd
TrueUSD (TUSD) $ 0.998406
leo-token
LEO Token (LEO) $ 3.79
uniswap
Uniswap (UNI) $ 4.28
avalanche-2
Avalanche (AVAX) $ 8.97
stellar
Stellar (XLM) $ 0.112046
monero
Monero (XMR) $ 144.95
okb
OKB (OKB) $ 42.83
binance-usd
BUSD (BUSD) $ 0.999883
ethereum-classic
Ethereum Classic (ETC) $ 15.16
cosmos
Cosmos Hub (ATOM) $ 7.04
hedera-hashgraph
Hedera (HBAR) $ 0.049973
filecoin
Filecoin (FIL) $ 3.21
internet-computer
Internet Computer (ICP) $ 2.97
crypto-com-chain
Cronos (CRO) $ 0.050226
lido-dao
Lido DAO (LDO) $ 1.48
aptos
Aptos (APT) $ 5.49
quant-network
Quant (QNT) $ 88.09
mantle
Mantle (MNT) $ 0.391465
vechain
VeChain (VET) $ 0.016607
maker
Maker (MKR) $ 1,339.24
arbitrum
Arbitrum (ARB) $ 0.815912
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.26
kaspa
Kaspa (KAS) $ 0.047135
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,724.78
aave
Aave (AAVE) $ 61.78
the-graph
The Graph (GRT) $ 0.087452
algorand
Algorand (ALGO) $ 0.097740
whitebit
WhiteBIT Coin (WBT) $ 5.23
usdd
USDD (USDD) $ 0.998297