Since the start of October, Bitcoin has risen by 31% and set a new local high at $57 880. In the same period, Ethereum’s price rose only 17%.
Can the leading cryptocurrency extend its all-time high at $64 950? We analyse price levels of Bitcoin and Ethereum on the cryptocurrency exchange Bybit.
BTCUSD
On 6 October, BTCUSD broke a downtrend resistance at $51 160. After a successful retest, the price surged past the local high of $52 970.
The next resistance level sits at $59 700. Bitcoin failed to break it in early May 2021.
If it holds above the psychological level of $60 000, Bitcoin could continue its impulse-driven rise and push to an all-time high of $64 950.
On a pullback from the $59 700 resistance, a retest of the $52 970 support is possible.
ETHUSD
The dynamics of ETHUSD look weaker: after consolidating above the $3350 support level, the asset failed to continue its growth toward the downward trendline.
To break the resistance and push Ethereum to new highs, Bitcoin needs to consolidate in the vicinity of around $60 000.
Conclusions
If the current uptrend persists, Bitcoin will reach an all-time high within October. For further gains, the leading cryptocurrency must overcome strong resistance near the psychological level of $60 000.
On a pullback from this price, Bitcoin will again test the support at $52 970.
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