Bitcoin Bulls Maintain Control Above $66,500

Bitcoin’s ability to stay above the $66,500 threshold indicates that bullish sentiment prevails in the market, with traders asserting that the bulls are “firmly in control” as long as this price is sustained.

Potential for New All-Time Highs

Market analysts suggest that if Bitcoin (BTC) continues its upward trajectory while remaining above the key level of $66,500, the next target to watch will be the all-time high of $73,679 reached in March.

They emphasize that a successful breach of this level could lead to further bullish momentum and new price records.

As of the latest report, Bitcoin is priced at $66,578, having experienced a slight decline of 1.89% since October 25, as per TradingView data.

Market Fluctuations and External Influences

On October 25, Bitcoin’s price experienced a drop, briefly falling to $65,700. This decrease has been linked to uncertainty in the cryptocurrency market as well as rising geopolitical tensions in the Middle East.

A crypto trader noted that market reactions might relate to concerns surrounding Tether and geopolitical news from Israel and Iran.

Concerns Over Bearish Patterns

Recent discussions have highlighted that the U.S. federal government is investigating Tether, as reported by sources including The Wall Street Journal. However, Tether’s CEO refuted claims regarding this investigation, suggesting that it pertains to prior issues.

Moreover, analysts pointed to a potential bearish engulfing pattern observed earlier in October, which could raise concerns about short-term price movements.

Historically, similar bearish patterns following price peaks have led to significant corrections in the Bitcoin market.

On October 21, Bitcoin fell by 3.59%, dropping from $69,367 to $66,873, which indicated the need for caution among traders.

The relative strength index (RSI) analysis further suggests that Bitcoin is transitioning from an overbought phase, potentially forecasting a period of consolidation or a minor price pullback.