Bitcoin hit a new record high of $ 68,571 in the early hours of Tuesday. The asset has been recovering for some time and has hit several milestones since then. October had proven to be exactly what the doctor was for the pioneering cryptocurrency as a series of bullish news saw the digital asset head towards a new all-time high.
After BTC hit $ 67,000 in October, BTC had consolidated well below its record high for some time. However, this would not last. November came with an even better look to the digital asset left over from its rally the previous month. With that, BTC started a slow but steady upward trend.
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That trend ultimately paid off when the price of the asset skyrocketed on Tuesday, driving Bitcoin price above the resistance point of $ 68,000. The surge resulted in BTC appreciating over $ 2,000 in value and rising to the mid-point of $ 68,000.
Buy thrust bearings in the market
Even if the price of the digital asset is so high, the buying pressure in the market has not eased. Short-term (20-day average) indicators suggest 100% buying pressure in the market. This goes against the tide when it comes to bull markets where the asset hits a new all-time high. Usually, reaching a record high signals selling pressure in the market as investors seek to make a profit on their holdings, but it does not.
BTC hits new all-time high | Source: BTCUSD on TradingView.com
In the medium term (50-day average) the indicators remain the same as the short-term ones. The market is under 100% buying pressure in the medium term, as the average volume is 44,143. Long-term (100-day average), however, balances between buying and selling. All point to an average purchase of 88% across the three terms. Spelling immense pressure to buy in the market.
These indicate that further upside is expected in the asset’s value. Bitcoin has now fallen below its ATH and dropped to the low of $ 68,000. Still, the correction suggests that BTC is finding a landing point for another upswing.
More indicators for Bitcoin
In the short term, it looks incredibly bullish for Bitcoin. The digital asset continues to trade well above its 100 and 200 day moving averages. These indicators suggest that the rally is in full bloom. Analysts have estimated the price of BTC at $ 100,000 by the end of the year, and if the market continues this trend, the asset could outperform that value before then.
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Market sentiment has never been better either. The Crypto Fear & Greed Index shows that the market is now deep in the “Extreme Greed” area. While investors crash into the market To get a piece of the action, it will only work to push the price of BTC further up, although large resistance is expected at $ 68,250.
Featured image by Medium, chart from TradingView.com
