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Bitcoin gains $2K in hours after BTC price bounces near previous all-time high

Bitcoin (BTC) handed $66,000 once more on Oct. 21 after contemporary macro turbulence sparked a retest of previous all-time highs.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Evergrande fails to maintain Bitcoin bulls again

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD recovering from a dip to $64,000 in a single day.

The transfer had come in step with a comedown in shares, which have been reacting to renewed issues over Chinese property big Evergrande.

Nonetheless, Bitcoin managed to protect greater ranges, ensuing in solely a quick journey under the $64,900 threshold, which had held because the BTC document since April this yr.

“Markets always go higher than the majority expects. Probably what will happen in coming months,” a nonetheless bullish Cointelegraph contributor Michael van de Poppe summarized to Twitter followers.

$75,000 subsequent goal

Wednesday, Oct. 20, noticed new all-time highs of over $67,000 after a squeeze took BTC/USD $3,000 greater.

Related: Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

The month-to-month candle for October, analysts famous, is already bigger than the whole Bitcoin all-time high from December 2017.

“BTC is testing its old ATH for support,” Dutch crypto consultancy and schooling platform Eight wrote in its newest replace on the day.

“If we bounce from here some levels to keep an eye on are around 75k, 87k, and 96k, derived from recent price action using the Fibonacci retracement tool.”

BTC/USD chart with Fibonacci ranges. Source: Eight/Twitter

As Cointelegraph reported, Fibonacci is answerable for long-term BTC price findings, which presently put the height of this cycle’s bull run at as a lot as $300,000. The trough, in contrast, could possibly be wherever from $47,000 to $60,000 — nonetheless an order of magnitude greater than final cycle’s $3,100 flooring.

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