Bitcoin is in recent days breaking above a short-term downtrend at an upside momentum toward the $65,000 resistance level. Although buyers struggled to sustain the upward trend of Bitcoin price, the all-time high of $66,900 is still within reach.
Over the past few days, Bitcoin has been characterized by choppy trading conditions which is typical of a consolidation phase, especially after a near-50% price rally over the past month.
As at the time of compiling this news, Bitcoin price is changing hands around $61,350, down by 2.35% in the last 24 hours.
The relative strength index (RSI) on the daily chart is fluctuating around neutral levels, which means the pullback in Bitcoin price is slightly stabilizing. However, the weekly RSI is approaching overbought levels, which typically precedes a pullback in price.
Meanwhile, with the slide of Bitcoin from its all-time high, the other cryptos are worth significantly less than Bittcoin and Ether, and that probably won’t change anytime soon, especially with the advent of Bitcoin exchange-traded funds. The ProShares ETF already has over $1.2 billion in assets under management. This is geared at tracking Bitcoin futures without giving individual investors the ownership of actual Bitcoin.
To this end, some crypto experts argue that Bitcoin price could hit $100,000 by the end of this year or in early 2022. But there are still signs that some crypto traders may be souring on Bitcoin and other cryptos. Bitcoin prices, even after this week’s drop, have still more than doubled this year.
