Bitcoin can break a record today as of October 2013: BTC Price Analysis

Yesterday, the price of bitcoin set another ever high, this time at $ 24,200 (Bitstamp). Nine days ago, the daily low was $ 17,565. Since reaching that level, the primary cryptocurrency had gone through a wonderful journey of eight daily green candles in a row.

This is the longest period of daily green candles in a row since the June 2019 bull run (8 candles). If today’s candle closes above $ 23,840, albeit a green candle, it will be the longest since October 2013.

Back then, Bitcoin had gone through ten green days where the price increased from $ 121 to $ 147.

This fact can emphasize how impressive this bull run is. Many people did not always expect a new peak even before 2021.

BTC Support and Resistance Levels to Watch

Although bitcoin has entered price discovery territory, where there is no real resistance to the bullish side, we can rely on the yellow-top ascending line on the following daily chart.

Formation of this line began in mid-October and is now about $ 24,500 – $ 24,600. Before that, the first resistance level for Bitcoin is the current ATH at $ 24,200.

Further above are the psychological levels of $ 25,000 and $ 26,000.

As the RSI is approaching 80, it is very likely that a price correction will come in.

Below it, the first level of support now lies around low today at $ 23,000 – $ 23,200, plus the first green ascending trend line.

Further below are 0.236 Fibonacci Levels approximately $ 22,250, followed by the 0.382 and 0.5 Fibonacci levels – $ 21,405 and $ 20,673, respectively.

Further below is the previous all-time high in December 2017 at around $ 20,000.

Total Market Cap: $ 684 billion

Bitcoin Market Cap: $ 443 billion

BTC Dominance Index: 64.8%

* Data from CoinGecko

BitStamp BTC / USD 1-day chart


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Cryptocurrency charts by TradingView.