BTC Breaks Above $66,000, Starting off A New Bull Run?

After having found solid support near the $62,000range through last week, Bitcoin has seen its price soar over past 10 hours and hit as high as $66,300.

 

It bears mentioning that even though a few bearish signals seem to have emanated from the United States regulatory front in recent days, it should be pointed out that Bitcoin exchange-traded funds (ETF) have been able to surge past the US $1.2 billion in AUM (assets under management) recently, helping boost investor confidence in the market as a whole. 

 

According to Chainalysis, whales has added 142,000 BTC to their wallets at the last week of October. Moreover, the author of the book "Rich Dad, Poor Dad", writer and investor Robert Kiyosaki has once again expressed his distrust of the US federal government. "Get ready for economic collapse and new depression. Be smart. Buy gold, silver and bitcoins", Kiyosaki urged. "I love Bitcoin because I don't trust the Fed, Treasury, and Wall Street."

 

With new all-time highs seemingly just around the corner, Bitcoin miners continue to show solid resolve and "hodl," not sell their BTC.

 

Data from on-chain analytics service CryptoQuant shows that outflows from miner wallets, with few exceptions, have stayed flat in recent weeks and months. There may be a very good reason — since the May 2020 block subsidy halving, when miners' revenue in BTC terms fell 50%, the USD value of their income has shot up.

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In addition, with U.S. consumer price index (CPI) data due this week, expectations are that the "disconnect" between projections and reality will widen. The Federal Reserve, which recently signaled it would taper asset purchases, may even be forced to change course due to the current environment. This has led to calls for Bitcoin adoption to preserve the purchasing power of both individual savers and cash-rich corporations.

 

Technical Analysis

On the weekly price chart, the signal line of the RSI indicator has not yet reached the overbought level and is still slightly below the resistance level, which means that the Bitcoin price may continue to rise. The MACD indicator and the chart itself are still on the side of the Bulls. And the only hint of a possible reversal is that despite the new top on the price chart, the lines of the MACD is still below the previous top. 

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On the daily price chart, BTC price has surged above the sideways channel which formed after skyrocketing a new ATH.  Though MACD seems to form a golden fork, the histogram is still in the negative zone.  And the RSI indicator shows a divergence, which means that a decline in BTC price may be coming.

 

Resistance: $66,500, $67,000, $67,500

Support: $65,500, $65,000, $64,500

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