Bitcoin gains $2K in hours after BTC price bounces near previous all-time high

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Bitcoin (BTC) handed $66,000 once more on Oct. 21 after contemporary macro turbulence sparked a retest of earlier all-time highs.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Evergrande fails to carry Bitcoin bulls again

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD recovering from a dip to $64,000 in a single day.

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The transfer had come consistent with a comedown in shares, which had been reacting to renewed considerations over Chinese language property large Evergrande.

Nonetheless, Bitcoin managed to protect larger ranges, leading to solely a quick journey beneath the $64,900 threshold, which had held because the BTC file since April this 12 months.

“Markets at all times go larger than the bulk expects. Most likely what is going to occur in coming months,” a nonetheless bullish Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers.

$75,000 subsequent goal

Wednesday, Oct. 20, noticed new all-time highs of over $67,000 after a squeeze took BTC/USD $3,000 larger.

Associated: Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

The month-to-month candle for October, analysts famous, is already bigger than your entire Bitcoin all-time excessive from December 2017.

“BTC is testing its outdated ATH for assist,” Dutch crypto consultancy and schooling platform Eight wrote in its newest replace on the day.

“If we bounce from right here some ranges to regulate are round 75k, 87k, and 96k, derived from current worth motion utilizing the Fibonacci retracement software.”

BTC/USD chart with Fibonacci ranges. Supply: Eight/Twitter

As Cointelegraph reported, Fibonacci is liable for long-term BTC worth findings, which at the moment put the height of this cycle’s bull run at as a lot as $300,000. The trough, in contrast, may very well be wherever from $47,000 to $60,000 — nonetheless an order of magnitude larger than final cycle’s $3,100 ground.