Here’s What Bitcoin (BTC) Needs to Do Before Challenging the $70,000 Price Level!

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On October 20, 2021, he set an all-time high (ATH: 66.930 – CoinMarketCap) which refreshes the record by surpassing Bitcoin (BTC), making a slight correction movement, again fell to the price levels of 63.130 dollars.

Does the RSI Indicate a Correction Move?

Crypto currency after a negative September on behalf of the market, Bitcoin is the 4th of the year with a series of positive news, especially ETF approval. it started making upward price movements again in the quarter. With these price increases BTC, Which started trading well above the price levels it recorded at the beginning of October.

The leading cryptocurrency, which recorded a new price peak on October 20 Bitcoin, with its current value quite close to the $70,000 levels. However, the fact that the RSI (Relative Strength Index) is in the overbought zone seems to indicate a short-term correction. Therefore, BTC may possibly decelerate to intermediate support levels before making its next rise, where it has reached $70,000.

Can a Short-Term Correction Trigger Healthy Price Increases?

The fact that this upward movement continues without a pause, after exceeding the $ 70,000 price level, a large number of investors can create pressure to sell in the market by realizing certain amounts of profit. However, if minor correction movements are made from these levels to intermediate dec, these intermediate dec levels can initiate a healthier bullish cycle going forward by attracting new investors to the market. Before rising to $70,000 as a result BTC by making a retreat to the $ 60,000 levels, one can gather some energy for the new peak attempt.

Although there is talk of a short-term correction movement, most data and indicators are giving bullish signals for Bitcoin going forward. Many crypto currency analysts in the industry, whose word is respected, believe that the primary crypto asset dec rise to a price level of $ 80,000 to $ 100,000 by the end of the year.

The information contained in this article absolutely does not contain investment advice. Investors should know that crypto currencies have high volatility, so they carry risks, and they should conduct their transactions in accordance with their own research.

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