As long as Bitcoin’s price stays above $66,500, bulls are expected to maintain their lead over bears, following the asset’s positioning above all significant moving averages, according to crypto analysts.
“This breakout indicates that bulls are firmly in control; if BTC remains above the $66,500 mark, the trend is likely to stay positive,” analysts from the crypto exchange Kraken noted in a market report dated October 26, which was referenced by Cointelegraph.
Bitcoin poised to revisit ATH with continued upward trajectory
The analysts stated that as long as Bitcoin (BTC) remains above this pivotal price level and continues its “upward movement,” the next crucial milestone will be the all-time high of $73,679 achieved in March.
“A successful breach of this level could pave the way for new price discoveries and additional upward momentum,” they remarked.
At the time of this report, Bitcoin’s price is recorded at $66,578, reflecting a decrease of 1.89% since October 25, based on TradingView data.
Bitcoin is priced at $66,578 as of this publication. Source: TradingView
On October 25, Bitcoin’s price momentarily dipped from $66,500 to $65,700, with crypto analysts attributing this decline to uncertainty within the crypto sector and rising geopolitical tensions in the Middle East.
“Bitcoin may be reacting to earlier Tether FUD and now the escalating conflict between Israel and Iran,” noted crypto trader Hardy in an X post on October 25.
Recent worries about a bearish engulfing pattern in Bitcoin
On October 25, Cointelegraph reported that the U.S. federal government is investigating Tether, a stablecoin issuer. The Wall Street Journal published an exclusive article on October 25, referencing sources close to the situation. However, Tether CEO Paolo Ardoino dismissed the report as “old noise.”
This is not the only sharp decline Bitcoin has experienced in the past week. On October 21, analysts pointed out that Bitcoin exhibited a “potential bearish engulfing pattern, which could introduce some short-term caution.”
Cointelegraph recently highlighted that in the last seven months, every bearish engulfing pattern observed near range highs has been followed by a significant correction.
Related: 4 reasons why Bitcoin price isn’t trading above $70K
Bitcoin’s price fell 3.59% during trading on October 21, dropping from $69,367 to $66,873.
The analysts also noted the relative strength index (RSI)—an indicator used in technical analysis that assesses recent price movements to determine whether Bitcoin is overbought or oversold—indicating it is “coming off an overbought position.”
This suggests that Bitcoin may experience “some temporary consolidation or a minor pullback,” according to the analysts.
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