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.
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.
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.
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.
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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
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