Bitcoin price is giving up some gains, finding support around $66,000 could stabilize a pullback
Bitcoin price has been virtually unchanged over the past 24 hours, trading at around $67,712. The largest cryptocurrency by market capitalization spent most of the US trading hours on Tuesday between $63,500 and $68,500, with a slight increase in volume on major centralized exchanges.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price rally stalls could find support at $63,000 – $65,000
Bitcoin’s rally faded on Tuesday, suggesting that buyers made some profit at the all-time high price of $68,500. Despite a short-term pullback, some analysts remain bullish on both BTC and ETH over the next month.
There is a positive sentiment that often engulfs the crypto markets toward year’s end. We can expect a price target of around $80,000 for BTC by the end of the year, and a $5,500 target for ETH during the same period.
Meanwhile, the bitcoin Fear & Greed Index, which entered “Extreme Greed” territory on Tuesday, was at the highest level since Oct. 21, which preceded a sharp sell-off in bitcoin. The index measures market emotions: When investors are too greedy, the market may be due for a correction soon. At the time of writing, based on statistics from Alternative.me, “Crypto Fear & Greed Index” is showing at 75, signaling “Greed”.
Crypto Fear & Greed Index as of Nov 10 | Source: Alternative.me
As AZCoin News reported, Bitcoin is giving up some gains after hitting an all-time high near $68,500 on Monday. The cryptocurrency is being overbought on the intraday charts, although support around the $63,000-$65,000 range could stabilize a pullback.
The Relative Strength Index (RSI) on the 4-hour chart is the most overbought since October 20, before the price dropped nearly 10%. However, the retracement has dried up over the past few weeks as buyers remain actively looking for breakouts.
The 100-period moving average on the 4-hour chart is sloping up, showing positive near-term trend strength. This means that buyers could eventually return as prices fall during the Asian session.
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