- Bitcoin price today is down 0.6% and currently trades at $67,377.
- BTC price continues to rise after recovering from a swing low of $65,234 on Wednesday, Oct. 24.
- Investors can expect this uptrend to continue beyond $70,000, as $66,000 has proven to be a strong support.
Bitcoin price today trades at $67,377 as of 2:35 p.m. EST. BTC price hit a daily high of $68,821 today after surging 1.40% on October 25.
Previous Bitcoin Price Analysis
In last week’s market wrap, BTC price showed signs of buyer exhaustion, consolidation around $66,000. This prompted our analysis to take a cautious outlook, stating that Bitcoin price could drop or go higher depending on how the weekend played out.
Due to increased ETF volumes from BlackRock, Bitcoin’s price soared but could not breach the $70,000 resistance. The asset reached a high of $69,397 on Monday, October 21, before retracing and entering consolidation.
Why Is Bitcoin Price Rising Today?
BTC has found a new range between $68,500 and $66,200 and has been consolidating here for the past ten days. The recent run-up coincides with the asset’s most recent bounce from the bottom of the range. With the price of BTC up 1.40% and trading at $68,092, investors can expect the opening of the New York session to bolster the price.
Price Outlook Remains Bullish
The price of BTC exchanges hands at $68,092, slightly higher than last week’s $67,742. This bullish continuation in Bitcoin price has brought the year-to-date gain (YTD) up to from 58.92% on October 18 to 60.71% as of October 25.
Still, Bitcoin remains the largest crypto asset by market cap, taking advantage of the first-move advantage.
With the US presidential elections concluding in the next 10 days, investors expect a massive spike in volatility that will lead to the start of a bull run. Regardless of who wins, historical data shows that markets have responded on a bullish note.
Microsoft Considers Investing In Bitcoin
One Microsoft shareholder has proposed that the company consider investing in Bitcoin and digital assets. However, the company urges its board members to vote against the proposal. According to a document filed to the SEC on October 24, the vote will take place in December to decide whether the company should add Bitcoin (BTC) to its balance sheet.
Microsoft has had a love-hate relationship with Bitcoin and “continues to monitor trends and developments related to cryptocurrencies to inform future decision-making.”
BTC Price Eyes $86,600 and $97,300 Next
Bitcoin price is eyeing a bullish end to 2024. While the asset is in range, the historical data reveals that Bitcoin price has rallied an average of 82% in the fourth quarter of the year. So far BTC has increased only 11% in the first month of Q4, which promises that the outlook remains bullish in the long term for Bitcoin.
Key support and resistance levels include $66,200 as immediate support and $69,300 as overhead resistance. Beyond that, BTC could soar to $78,000 before correcting back to $73,000. If election outcomes favor the crypto markets, BTC could skyrocket to $88,600 or $97,300, potentially confirming a parabolic rise.
This bullish thesis could be invalidated if the bears manage to push BTC’s price below the parabola. There is only one chance at a retrace that keeps the price inside the curve before it shoots higher.
If the BTC price falls outside the parabolic curve, it could invalidate it, but it would still remain bullish as long as bulls sustain prices above $66,200 or inside the rising channel.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.
