Bitcoin Bulls Hold Strong as Key Price Level Keeps Rally in Sight

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As Bitcoin’s price remains above $66,500, market sentiment among bullish investors continues to strengthen. Analysts at Kraken underscored this price level as a crucial marker for Bitcoin to maintain its current momentum, suggesting that the bulls still have the upper hand over bears.

Kraken’s October 26 report highlighted that Bitcoin’s recent movements above key moving averages signal strong bullish control, and as long as the asset remains above $66,500, the trend will likely remain favorable. According to the report, breaking past this level marks a critical milestone, with potential price discovery and upward movement on the horizon.

The optimism from analysts is backed by Bitcoin’s proximity to its all-time high of $73,679, which it last reached in March. Should Bitcoin hold above $66,500 and continue its upward trajectory, Kraken analysts suggest the asset could move towards retesting this previous peak. However, they caution that breaking the all-time high is essential to unlock further upward potential. At the time of writing, Bitcoin’s price sits slightly below this crucial level at $67,000, a 1% decline in the past 24 hours.

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Geopolitical Concerns and Market FUD

Bitcoin’s price movements in recent days have been met with increased volatility, largely attributed to global events and uncertainties within the cryptocurrency space. On October 25, the price slipped briefly from $66,500 to $65,700, which some traders attribute to renewed industry uncertainty and escalating geopolitical tensions.

Crypto trader Hardy noted in a recent post that Bitcoin’s fluctuation might be reacting to ongoing concerns surrounding Tether, the stablecoin issuer currently under investigation by the U.S. government, as well as rising conflict in the Middle East.

This isn’t Bitcoin’s only recent slip; on October 21, Kraken analysts observed a bearish engulfing pattern, which has previously hinted at upcoming corrections. Over the past seven months, similar patterns at range highs have led to steep pullbacks, suggesting that caution is warranted even amid bullish momentum.

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Potential Consolidation Ahead?

Despite this upward movement, analysts are also watching for possible consolidation. Bitcoin’s relative strength index (RSI), which evaluates price fluctuation strength, has recently come off an overbought position. This movement suggests that Bitcoin may face some near-term consolidation or even a minor pullback, providing a potential pause in the bullish trend.

For now, Bitcoin’s resilience above $66,500 remains a promising signal for investors hoping for a sustained rally. However, analysts note that any shift below this level could dampen the optimistic outlook.

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