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BTC analysis – the price has broken through resistance and is moving towards a new ATH

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BTC ended the short-term indecision on the ATH band and broke through the resistance from the highs along the sideway structure and continues the growing trend. The price also managed to surpass the previous short-term ones maximum at $ 64,000 and the reversal of the trend is thus confirmed. The break was supported by volumes, although not as strong as at previous lows.

The price will soon exceed ATH and we will probably look at the level of $ 70,000 for the first time in the history of existence. The nearest support is around the point of control level of $ 61,240. Overall, this sideway structure will serve as in the future supportive the area. On the other hand, the only resistance that exists is ATH.

BTC / USD 4H.  Source: TradingViewBTC / USD 4H. Source: TradingView

BTC on the way to the new ATH

The last breakthrough caused a sharp rise in RSI to the overbought phase. This is not an indication of the end of the trend, but rather that if the price exceeds the ATH, it should go from the short-term sideway and only then should the trend continue. Similarly, it was October 6, when the price went sideway after a sharp pump for a few days, the market cooled down and then continued.

Dominance BTC bounced off a low of 42.55% and rose to the current 43.77%. If BTC continues the upward trend, it is possible that the slight dominance will increase, but eventually the altcoins will catch up and take the initiative just as many traders will shift profits from BTC to high-cap coins.

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