Bitcoin Bulls ‘In Control’ As Long as Price Remains Above $66.5K: Analysts

According to crypto analysts, after the asset positioned itself above “all key moving averages”, Bitcoin bulls will remain dominant over bears as long as the price is above $66,500.

“This breakout suggests that the bulls are firmly in control, and as long as BTC remains above the $66,500 level, the trend should remain constructive,” crypto exchange Kraken analysts commented in a market report published by Cointelegraph on October 26.

Bitcoin is set to regain ATH if it continues to ‘move up'

The analysts said that if Bitcoin (BTC) holds above this price level and the asset continues its “upward movement”, the next critical level will be the $73,679 peak reached in March.

“A successful break above this level opens the door to new price discovery and further upside,” he said.

According to TradingView data, at press time, the price of Bitcoin is $66,578, down 1.89% since October 25th.

On October 25, the price of Bitcoin briefly fell from $66,500 to $65,700, with crypto analysts attributing the dip to instability in the crypto industry and worsening geopolitical tensions in the Middle East.

“Bitcoin is probably responding to the Tether FUD earlier and now the news of the war against Israel and Iran,” crypto trader Hardy said in an October 25 X post.

Recent concerns about Bitcoin's bearish swallowing pattern

On October 25, Cointelegraph reported that the United States federal government is investigating the stablecoin issuer Tether. The Wall Street Journal reported in an “exclusive” article on Oct. 25, citing “people familiar with the matter.” However, Tether CEO Paolo Arduino called the story “old noise.”

It's not just a sudden drop that Bitcoin has seen in the past seven days. On October 21, analysts highlighted that Bitcoin has shown “a potential bearish pattern, which may introduce some short-term caution.”

Cointelegraph recently reported that every depression in the past seven months has been followed by a major correction near the highs.

Related: 4 Reasons Why Bitcoin Won't Trade Above $70K

Bitcoin price fell 3.59% during the October 21 trading day, sliding from $69,367 to $66,873.

The analysts pointed this out alongside the Relative Strength Index (RSI) – a technical analysis indicator that looks at the extent of recent price volatility to determine whether Bitcoin is overbought or oversold – saying it is “moving out of overbought territory”.

According to the analysts, this indicates that Bitcoin may face “some temporary consolidation or a small reversal”.

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