Baxia Markets
October 22, 2021

Bitcoin reaches new all time high

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The cryptocurrency made it to $67,016 on Oct 20th trading session, reaching an all time high for the asset, the price dropped to $61,850 the following sessions which is normal as the pair entered an overbought status, a retracement is necessary for Bitcoin to continue its uptrend and continue breaking record highs.


The Bollinger bands are very wide and high volatility can be expected, the price trades closer to the upper band which naturally drove it down, as it's considered relatively high. We could see a temporary retracement from BTCUSD in the short term; which will allow the pair to continue climbing in the mid term.


BTC OCt 12-21 2021


The relative strength index is currently at 66%, recovering from an overbought status at 79%, if the price continues to fall, the RSI will follow, but will allow exhausted buyers to gather strength and come back stronger.


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