Futures analysis: Bitcoin price is about to hit a new historic high

Last week, bitcoin consolidated above the psychological level of $60,000. At the moment, it is trading 4% below the historical high of $64,990. Ethereum lags behind: the difference between the current price and the peak of $4383 is 15%.

What to expect: growth or correction? Let's analyze bitcoin and Ethereum price levels on the Bybit cryptocurrency exchange. BTCUSD

On October 6, bitcoin broke through the $59,700 resistance level. After a successful retest, the price of BTCUSD consolidated above $60,000 and set a local high at $63,100. Levels of support and resistance on the daily chart of BTCUSD Perpetual Contract (Bybit). Data: TradingView.

To continue the bull market, the price needs to overcome the last resistance - the historical maximum of $64,990. With a rebound from this level, a retest of support at $59,700 is possible. ETHUSD .

Last week, the ETHUSD approached the local high at $4030. Support and resistance levels on the ETHUSD Perpetual Contract (Bybit) daily chart. Data: TradingView.

Nevertheless, Ethereum has consolidated above $3680. If the upward momentum on bitcoin continues, Ethereum may pass the $4030 resistance as early as this week. Conclusions

The market is dominated by bulls in October - bitcoin price has risen 30% since the beginning of the month. To update ATH $64,990 they need to make only one powerful breakthrough.

In case of a rebound from this price, bitcoin may retest support at $59,700.


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