'Seriously Bullish': Bitcoin Rallies for Weekly Close
Bitcoin

'Seriously Bullish': Bitcoin Rallies for Weekly Close

год назад

Analysts on Crypto Twitter had warned that BTC needed to end Sunday night above $64,800 — in other words, above the all-time high price that was set back in April.

'Seriously Bullish': Bitcoin Rallies for Weekly Close

Содержание

Bitcoin is in "seriously bullish territory" after a strong weekly close — preserving a level seen as crucial for further momentum.

Analysts on Crypto Twitter had warned that BTC needed to end Sunday night above $64,800 — in other words, above the all-time high price that was set back in April.
Any prospect of achieving this looked in doubt for most of Sunday, with Bitcoin languishing at lows of $63,600 in the afternoon. 
And at 11pm UTC — just one hour before the weekly close — prices stood at $64,508… still some way off what was required.
A last-minute surge helped to change the narrative, and CoinMarketCap's data shows Bitcoin ended the day — and week — at approximately $65,500.
It seems that a celebratory relief soon followed, with BTC topping off at $66,127.03 just minutes later.

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What's Next?

Prices have since pulled back — to about $65,322 at the time of writing — but bulls now have their sights set on the week ahead.
Some analysts are confident BTC will now advance to $70,000 or even $80,000 in the short term, but nothing is guaranteed.
PlanB — the creator of the stock-to-flow model — told his followers that Bitcoin still has the potential to hit $98,000 in November before accelerating to $135,000 in December.

In other developments, a long-awaited Bitcoin upgrade called Taproot was activated in the early hours of Sunday morning — one of the biggest changes to the network seen for four years.

As well as opening the door to smart contract functionality, it's hoped that Taproot will reduce the cost of transactions, all while making them more private.

There's been mixed opinion as to whether Taproot's arrival would have a positive impact on Bitcoin's price.

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