Is Bitcoin a buy opportunity after the price advanced above $57000? | Invezz

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Bitcoin BTC/USD is advancing this Monday, and the price of this cryptocurrency went above $57,000 for the first time in the last five months. Bitcoin is currently a 12% move away from its $64,895 peak, and according to technical analysis, everything indicates that the price could advance very soon above $60000 resistance.

The daily volume remains high

Bitcoin continues to enjoy the support of both developers and user communities while the fundamentals of this cryptocurrency are constantly improving. Bitcoin is trading very close to $60000 resistance, the daily volume of this crypto remains high, and Bitcoin continues to grow following an influx of new capital into the market.


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According to the recent research from CryptoCompare’s Digital Asset Management, institutional investors’ interest in cryptocurrencies is increasing, while Allied Market Research recently reported that the global cryptocurrency market would hit $4.94 billion by 2030.

This is certainly positive news for investors in Bitcoin, while Meltem Demirors, Chief Strategy Officer (CSO) at digital asset investment firm CoinShares said that Bitcoin could hit $100000 by the end of the year.

Historically, October has been a positive month for Bitcoin as six of the last ten have been impressive for Bitcoin, and for now, everything indicates that the price could advance very soon above $60000 resistance.

Bitcoin has almost doubled in value since late June and early July when the price went below $30,000 for a moment. Another positive piece of information is that Jerome Powell said this month that the Fed had no intention of banning cryptocurrencies which signals that the institutional demand will probably continue to grow.

The crypto market sentiment continues to improve, and Bloomberg’s chief commodity strategist, Mike McGlone said that Bitcoin might rise in price significantly in the last quarter of 2021. Mike McGlone added:

Bitcoin may be entering a unique phase that may end in a price surge in the fourth quarter of this year as the U.S. debt is rising and tensions over a potential default are increasing.

Bulls in control of BTC

Bitcoin has advanced this Monday above $57000, and according to the rules of technical analysis, everything indicates that the price could advance above $60000 resistance very soon.

Data source: tradingview.com

If the price jumps above $58000, it would be a signal to trade Bitcoin, and the next price target could be around $60000. On the other side, if the price falls below $50000 support, it would be a firm “sell” signal, and the next target could be around $45000.

Summary

Bitcoin has advanced this Monday above $57000, and Bloomberg’s chief commodity strategist, Mike McGlone said that Bitcoin might rise in price significantly in the last quarter of 2021. The current trend of this cryptocurrency remains bullish, and for now, there is no signal of the trend reversal.

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