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This is Why Bitcoin ($BTC) is Only a Bullish Rally Away From ATH

Bitcoin ($BTC) breached $55,000 earlier in the present day to publish a brand new 5-month excessive of $55,568 with a close to 10% achieve over the previous 24-hours. The highest cryptocurrency has managed to breach the important thing resistance of $55K however couldn’t maintain onto the assist and at the moment buying and selling at $54,287.

Bitcoin
Supply: TradingView

The highest cryptocurrency is seeking to take the bullish momentum into the second week of October to increase the positive factors. Nevertheless, $55K stays a key resistance earlier than the highest cryptocurrency can transfer into the sub-$60K value zone and retest its all-time-high (ATH) above $64K. Key on-chain metrics point out a rising bullish sentiment out there because the Gree and Concern Index reached a worth of 76, representing excessive greed amongst merchants.

Bitcoin
Supply: Different

After a bearish September month when $BTC misplaced greater than 20% of its valuation the Concern and Greed index has reached excessive worry, as seen from the above chart, till final week the market sentiment was extra bearish than bullish. Nevertheless, with the beginning of the brand new month, $BTC has not simply regained most of its losses from the final month, it additionally managed to interrupt the essential $55K resistance and now seems to be to consolidate above it.

Bitcoin is Only a Rally Away From ATH

Bitcoin hit an ATH of $64,863 on April 14 and is at the moment down by 17% from the highest, a niche that may be simply coated in a bullish rally by the highest cryptocurrency. Market analysts consider a transparent break above $55K would depart little resistance to ATH.

Bitcoin’s Community Worth to Transactions Ratio (NVT) is on the rise indicating a bullish momentum constructing in favor of the highest cryptocurrency. BTC’s NVT worth confirmed bullish divergence for the primary since February this yr, marking an 8-month excessive. NVT mannequin.

Bitcoin
Supply: Santiment

With a surge above $55K, Bitcoin’s market valuation additionally breached the $1 trillion mark once more, and looking out on the rising whale accumulation and anticipated last quarter, the worth goal of $100K for BTC  are again into the image. And if a Bitcoin ETF is certainly handed by the SEC, the five-figure value mark would turn into extra potential.

Disclaimer

The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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