- Bitcoin price continues to set new highs as buyers come out of the woodwork.
- Ethereum price locks in on $5,000 and shows no signs of slowing down.
- Ripple price needs to flip $1.41 into support floor to revisit $2.
Bitcoin price is hovering inside a crucial demand zone that needs to hold for the upswing to continue. A resurgence of buying pressure that pushes BTC to produce a daily close above it will confirm the resumption of an uptrend and suggest new highs are incoming. Such a move will also cause Etheruem and Ripple to go higher as well.
Bitcoin price awaits bullish momentum
Bitcoin price has entered the $63,805 to $67,162 demand zone after setting up a new high at $68,778 on November 9. This descent was caused by investors booking profits and is likely to stabilize and reverse soon.
A daily close above $67,162 will confirm the start of a new uptrend and propel the big crypto to the 161.8% Fibonacci extension level at $77,908. This run-up would constitute a 17% surge from the current position
In a highly bullish and long-term scenario, BTC is likely to set up a high at $100,000 or the 261.8% trend-based Fibonacci. This development would be historic as Bitcoin price would enter the six-digit territory for the first time.
BTC/USD 1-day chart
On the other hand, if Bitcoin price fails to close above $67,162 but instead produces a daily close below $63,805, it will indicate that the buyers have disappeared. In this scenario, BTC would revisit the immediate support level at $65,000 or the $60,000 barrier in dire cases, where the buyers can make a comeback.
