Monday, October 3, 2022

Bitcoin Refreshes Monthly Highs Above $65K, Ether (ETH) Hits New ATH

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The world’s largest cryptocurrency by market capitalization broke the rangebound it has been trapped since October 28. Now, Bitcoin (BTC) is consolidating once again above $65,000, and it’s on the way to refreshing its all-time highs above $66,000 while buying interest increases across the board.

As of press time, bulls strengthened in the last three hours, as BTC managed to crack above the resistance area of $64,000, opening the doors for the crypto to reach the $66,999 level (ATH – Coinbase’s data feed).

Bitcoin In “Buy” Mood

Whales had been active from an on-chain perspective, given that buyers had increased their bets around $60,000.

That said, and from a technical perspective, Bitcoin picked up steam around the $62,000 zone, which acted as a pivotal level in the midst of the current bull-run that took the crypto to reach new monthly highs. Now, bulls are eager to retest the all-time highs to take BTC into a discovery zone.

Also, the 200-period simple moving average at the H4 chart keeps providing dynamic support and guidance for the buyers from a broad perspective.

When looking at the price action at the current timeframe, the stagnation kept untouched the 200 SMA and thus bolstered the demand in favor of the bulls. However, if Bitcoin plummets below $60,000, the bearish case would appear on the scene again, and eventually, the lows from October 14 around $54,000 could be the next line in the sand.Advertisement

Ether Targeting The $5K Handle

Another cryptocurrency enjoying the optimistic mood across the sphere is Ether (ETH), which is refreshing its all-time highs, trading above $4,700. The price gathered momentum after rebounding successfully above the 50-period simple moving average last week.

With the bullish scenario in place, ETH is eyeing the $5,000 handle in a first degree as the next tough nut to crack for the buyers, which is also the latest milestone ahead of the discovery mode. In this area, the price is treading new waters from a price action’s perspective.

To invalidate the bullish outlook in the short term, Ether should break below $4,400 and then extend the leg lower towards $4,200.

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