Bullish View
Set a buy-stop at 66,912 and a take-profit at 68,000.
Add a stop-loss at 64,000.
Timeline: 1-2 days.
Bearish View
Set a sell-stop at 64,000 and a take-profit at 62,000.
Add a stop-loss at 66,000.
The BTC/USD price approached its all-time high as demand for cryptocurrencies rebounded. The pair is trading at 66,000, which is a few points below its all-time high of about 66,912.
Coinbase Earnings Ahead
The BTC/USD pair jumped as investors waited for the latest earnings by Coinbase, the second-biggest cryptocurrency exchange in the world. The company is expected to report relatively mild results considering that volume in the third quarter was relatively lower than earlier this year.
Precisely, analysts expect that the company’s revenue rose to about $1.57 billion in the third quarter. This will be about $285 million higher than in the same quarter last year. They also expect that its EBITDA will be about $662 million in the third quarter.
In the past few weeks, companies like Robinhood and Square that process substantial amount of cryptocurrencies have been relatively disappointing.
The BTC/USD pair also rallied as on-chain data showed that the hash rate remained steady. Bitcoin has a hash rate of 164.73, where it has been in the past few days. At the same time, the coin’s mining difficulty has been rising. These trends show that there is still substantial demand for Bitcoin as investors bet on higher prices.
Some analysts believe that the coin will keep rising. For example, Cathay Wood, the founder of Ark Invest believes that Bitcoin will soar to more than $500,000 in the longer term. This growth will be fueled by institutional demand for the coin. In the past few weeks, the swift recovery of Bitcoin has seen more instititional investors rush to buy the coin. Other analysts who are bullish on Bitcoin include those from Goldman Sachs and Morgan Stanley.
BTC/USD Forecast
The two-hour chart shows that the BTC/USD pair has staged a strong comeback in the past few days. The pair has managed to recover most of the losses that it made in October. The bullish trend gained steam when the price rose above the key support level at 64,354, which was the highest level on November 2.
The pair’s bullish trend is being supported by the 25-period and 50-period moving averages. Also, oscillators like the Relative Strength Index (RSI) and MACD have continued rising.
Therefore, the bullish view will be confirmed when the price manages to move above the all-time high of 66,912.
