Bitcoin has risen roughly 2.75% this week, indicating solid buying by the bulls. The up move is facing resistance near $69,000 on monday but the bulls are not exiting their positions in a hurry. That suggests the buyers anticipate the rally to extend further. Trading firm QCP Capital told its Telegram channel subscribers that the rising United States equities markets and a weakening trend in the Japanese yen are likely to boost risk-on sentiment leading to the US elections.

That “will propel risk assets higher and support our Uptober narrative,” the firm added.

Bitcoin is facing resistance as it nears the psychological resistance of $70,000, but a positive sign is that the bulls have not given up much ground. The upsloping 20-day exponential moving average ($65,010) and the relative strength index (RSI) near the overbought zone suggest that the bulls have the edge. If buyers drive the price above $70,000, the next stop could be $72,000. The bears are expected to fiercely defend the zone between $70,000 and $73,777.If bears want to make a comeback, they will have to swiftly pull the price below $66,500 and then the 20-day EMA.

If they do that, the BTC/USDT pair may plummet to the 50-day simple moving average $61,749. The RSI on the 4-hour chart shows a negative divergence, indicating that the bullish momentum is weakening. A break and close below the 20-EMA will signal profit booking by short-term traders.

The pair may then drop to the 50-SMA. Contrarily, if the price continues higher and breaks above $69,000, it will indicate that the sentiment remains positive, and the bulls are buying on dips. The pair may reach $70,000 and subsequently $72,000.

Lastly please check out the advancement’s happening in the cryptocurrency world

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