- Bitcoin price is building onto the recovery mode ahead of Taproot upgrade.
- BTC price wavers in a rising wedge, with strong bids aligned around $63,000.
- BTC bulls need acceptance above $65,500 to target record highs once again.
Bitcoin is trading in the green zone for the second straight day on Sunday, as weekend love returns for the pioneer cryptocurrency.
The most favorite digital asset pulled back sharply from all-time highs of $68,998 in the past week amid a profit-taking spree and rotation of investors’ capital into undervalued altcoins.
Further, the Securities Exchange Commission’s (SEC) rejection of the VanEck Bitcoin spot ETF also collaborated with the downside in BTC price.
The renewed upside, however, kicked in from near the $62,500 region, as BTC buyers jumped in, in anticipation of the Taproot upgrade on November 14. This upgrade focuses on the expansion of the Bitcoin network’s smart contract capabilities and improves privacy on the network.
At the press time, Bitcoin price is trading close to $64,800, adding 0.55% so far. The no.1 crypto coin booked a 5% weekly gain.
Bitcoin price: Path of least resistance appears to the upside
As observed on the daily chart, BTC price has managed to find strong support at the confluence of a five-week-old rising wedge formation and the upward-sloping 21-Daily Moving Average (DMA), now around $63,000.
That said, BTC bulls have fought back control, now looking to recapture the recent range highs around $65,500.
Acceptance above that supply zone will initiate a smooth ride for BTC buyers to retest the all-time highs.
The next critical upside barrier is seen at $69,257, which is the rising trendline barrier. A daily closing above the latter will trigger the rising wedge breakout, calling for a test of the $70,000 level and beyond.
The 14-day Relative Strength Index (RSI) is edging a tad higher while comfortably above the midline, justifying the upturn in BTC price.
BTC/USD: Daily chart
Alternatively, BTC sellers could re-emerge on souring crypto market sentiment, which could threaten the abovementioned crucial support near $63,000.
A convincing break below that support will confirm a wedge breakdown. The corrective decline from record highs will then resume, exposing the November 6 lows of $60,123.
The next fierce downside barrier is seen at $57,796, the October 28 low.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin consolidates after a new all-time high of $99,500
Bitcoin remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple holds steady at a critical support level, hinting at continued upward momentum.
Sandbox hits fresh yearly high as on-chain metrics reach record highs
The Sandbox continued its rally and hit a fresh yearly high of $0.8680 in the early Asian session on Monday after surging over 121% last week. However, at the time of writing, SAND retraces and stabilizes around $0.7600.
Why is Dogecoin price down today?
Dogecoin (DOGE $0.4243) is retreating after reaching its highest levels since May 2021, suggesting a growing profit-taking sentiment among traders following Donald Trump’s win.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.