Bitcoin has pulled back to the $67,000 range after reaching a weekly peak of $69,450 on October 21. Currently, the cryptocurrency is attempting to recover after dipping to an intraday low of $66,612 and has climbed back up to $67,000. Earlier in the day, it tested the $67,700 resistance but struggled to hold that level, and as of now, the price has seen a slight increase to $67,176.
Institutional interest in Bitcoin remains strong. According to recent reports from Arkham, Tesla, led by Elon Musk, holds over 11,509 BTC, valued at $772 million. Meanwhile, MicroStrategy, under the leadership of Bitcoin advocate Michael Saylor, has amassed 252,220 BTC, worth approximately $9.91 billion.
Additionally, Bitcoin’s 7-day moving average (7DMA) hashrate hit a record high of 703 EH/s on Monday, reflecting a 13% increase since the halving event in April. This surge suggests growing mining activity, which could impact future price trends.
24-Hour Technical Analysis for Bitcoin:
From a technical perspective, Bitcoin’s price is nearing the 23.6% Fibonacci retracement level, calculated from its recent low of $66,536 to its high of $69,875. However, it remains under $67,300 and the 9-day Exponential Moving Average (EMA), with a Relative Strength Index (RSI) of 47, indicating a neutral market outlook. A contracting triangle pattern is also forming on the 4-hour chart, with support around $66,677.
Looking ahead, if Bitcoin manages to break through the key resistance at $67,250, it could aim for higher targets around $67,890 and $68,130. Conversely, if the price weakens, it could find support at $66,320, $65,760, and $65,100. Falling below these levels may push the price down towards $57,000.
For today, Bitcoin is expected to trade within the range of $66,580 as support and $67,800 as resistance.
