Bitcoin ($BTC) breached $55,000 earlier at this time to submit a brand new 5-month excessive of $55,568 with a close to 10% achieve over the previous 24-hours. The highest cryptocurrency has managed to breach the important thing resistance of $55K however couldn’t maintain onto the help and at present buying and selling at $54,287.
The highest cryptocurrency is trying to take the bullish momentum into the second week of October to increase the positive aspects. Nevertheless, $55K stays a key resistance earlier than the highest cryptocurrency can transfer into the sub-$60K value zone and retest its all-time-high (ATH) above $64K. Key on-chain metrics point out a rising bullish sentiment available in the market because the Gree and Worry Index reached a worth of 76, representing excessive greed amongst merchants.
After a bearish September month when $BTC misplaced greater than 20% of its valuation the Worry and Greed index has reached excessive worry, as seen from the above chart, till final week the market sentiment was extra bearish than bullish. Nevertheless, with the beginning of the brand new month, $BTC has not simply regained most of its losses from the final month, it additionally managed to interrupt the essential $55K resistance and now appears to consolidate above it.
Bitcoin is Only a Rally Away From ATH
Bitcoin hit an ATH of $64,863 on April 14 and is at present down by 17% from the highest, a spot that may be simply coated in a bullish rally by the highest cryptocurrency. Market analysts imagine a transparent break above $55K would depart little resistance to ATH.
The $60,000 resistance. pic.twitter.com/Eueq2h8dxE
— Bitcoin (@Bitcoin) October 7, 2021
Bitcoin’s Community Worth to Transactions Ratio (NVT) is on the rise indicating a bullish momentum constructing in favor of the highest cryptocurrency. BTC’s NVT worth confirmed bullish divergence for the primary since February this yr, marking an 8-month excessive. NVT mannequin.
With a surge above $55K, Bitcoin’s market valuation additionally breached the $1 trillion mark once more, and looking out on the rising whale accumulation and anticipated closing quarter, the value goal of $100K for BTC are again into the image. And if a Bitcoin ETF is certainly handed by the SEC, the five-figure value mark would turn into extra attainable.