Bitcoin (BTC) topped $ 66,000 again on Oct. 21 after a new wave of macro-turbulence triggered a retest of the previous all-time high.
Evergrande is not holding back Bitcoin bulls
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD rebounded from a decline to $ 64,000 overnight.
The move comes amid falling stocks in response to renewed concerns over Chinese real estate giant Evergrande.
Bitcoin managed to maintain higher levels, however, resulting in only a brief detour below the $ 64,900 threshold, which has been the BTC record since April this year.
#BTC has successfully retested the orange area to hit a new all-time high
– Rekt Capital (@rektcapital) October 21, 2021
“The market is always moving higher than most people expect. What might happen in the coming months, ”said Michaël van de Poppe, a Cointelegraph employee. summary for Twitter followers.
$ 75,000 next target
A new all-time high of over $ 67,000 was posted on Wednesday after a squeeze drove BTC / USD to over $ 3,000.
Related: 20/10 Price Analysis: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
Analysts note that the monthly candle for October is larger than Bitcoin’s overall all-time high since December 2017.
“BTC is testing its old ATH for support”, Dutch crypto education and consulting platform Eight Written in the latest update.
“If we ricochet from here, some observable levels are around 75,000, 87,000 and 96,000, which were derived from the recent price action with the Fibonacci retracement tool.”
As Cointelegraph reported, Fibonacci is responsible for long-term BTC price results and is currently placing the top of this bull cycle towards $ 300,000. Conversely, a low could be between $ 47,000 and $ 60,000 – still above the previous cycle’s $ 3,100 floor.