On October 17, BTC/USD retraced to $59,000 support and resumed upward as Bitcoin holds above $60k. Today, the BTC price has risen and it is retesting the $62,900 resistance zone. Buyers are attempting to retest or break the recent high. The upside momentum will resume if the bulls break above the current resistance at $62,900.
Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000
Today, Bitcoin has resumed the upside momentum after a minor retracement. BTC price would have fallen to $54,000 low if the bears have broken below the $59,000 support. BTC/USD is trading at $62,165 at the time of writing. Bitcoin will rally above $70,000 if buyers sustain the bullish momentum above the $62,900 resistance level. All the price indicators have shown the overbought condition of Bitcoin. It is unclear if the bulls would be able to sustain BTC prices above the recent high. Moreover, if the resistance at $62,900 remains unbroken, Bitcoin will be compelled to a range-bound move between $59,000 and $62,500. Bitcoin is at level 73 of the Relative Strength Index period 16. The cryptocurrency has no room to rally on the upside. However, in a strong trending market, the overbought condition may not hold.
Brazilian Toddler Earns 6,500% Profit on Her Bitcoin Holding
João Canada is the founder of a Brazilian Crypto exchange, Foxbit. In 2017, Joao gave his newborn daughter, a gift of 1 BTC which was roughly $915.80. According to the father, he said: “As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her, not just as a gift, but as a way of investing in this new economy. At the time, BTC cost 5,000 Brazilian Real.” He noted that the BTC investment returned over 6,500% profit four years later. Also, he indicated that investors have the opportunity to buy Bitcoin for under $1000 in 2017.
Meanwhile, today the upward move has been stalled again at the $62,500 resistance zone as Bitcoin holds above $60k. On the downside, if Bitcoin faces rejection at the resistance zone and price breaks below the 21-day moving average, the market will decline to $57,000 support. Nevertheless, buyers are still pushing BTC price to retest the $62,900 resistance level.
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