BTC/USD Resumes a New Uptrend as Bitcoin Approaches $64k High- October 25, 2021
BTC/USD reached bearish exhaustion and declined to $59,533 low as Bitcoin approaches $64k high. . Since October 24, Bitcoin has begun the resumption of an upward move. Today, BTC’s price has reached the high of $63,530 at the time of writing. Bitcoin will be out of downward correction if buyers push the crypto above the high of $64,000.
Resistance Levels: $60,000, $65,000, $70,000
Support Levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
Bitcoin’s (BTC) price has resumed a new uptrend after four days of a downward move. The cryptocurrency retraced and found support above the $60,000 psychological price level. This price level was the previous resistance of October 15. The bulls broke the October 15 resistance and retested it before the upward resumption. Today, that resistance is the present support where Bitcoin is resuming a new uptrend. The bottom line is that buyers will have to push BTC’s price above the $64,000 high. This will propel BTC’s price to resume upside momentum. And it will be out of downward correction. However, if Bitcoin faces rejection at the recent high and price breaks below the $60,000 support, the selling pressure will resume. Bitcoin will fall to the low of $58,000.
PayPal Processes $145.60 Million Worth of Bitcoin
PayPal is the world’s leading payment services provider. Alexander Vasiliev is the co-founder/chief customer officer of crypto payment service Mercuryo. He commented about PayPal’s venture into the crypto industry as a sign of retail boom. He is expecting that Bitcoin will end the final quarter of 2021 in profits as every trader is looking for safety earnings against a persistently rising inflation. PayPal has processed $145.60 million worth of Bitcoin trades as BTC price rallied to its record high of $67,000.
BTC/USD – 4 Hour Chart
Meanwhile, BTC’s price has continued to rise as it approaches the $63,000 high as Bitcoin approaches $64k high. . As the market continues to rise, the cryptocurrency may encounter resistance at the high of $63,666. A break above $63,666 will mean a rally above $64,000 high. This will accelerate the upward move and a retest at the $67,000 resistance is likely. Though, BTC /USD is approaching the oversold region as sellers may emerge.
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