Bitcoin Trend Analysis: $66,500 Threshold, Can Bulls Continue to Dominate the Situation?

Bitcoin has been continuously solidifying its position 'above all key moving averages.' Analysts point out that as long as the price remains above $66,500, bulls will firmly control the market situation. Analysts from the cryptocurrency exchange Kraken stated in their market report on October 26: 'This breakout indicates that bulls have taken the initiative, and the trend should remain positive.'

Future Price Outlook: Potential to Challenge Historical Highs

If Bitcoin can maintain above $66,500, the next target will be to challenge the historical high of $73,679. Analysts noted: 'Successfully breaking through this level could provide a good opportunity for a new round of price discovery and further increases.'

However, recent market volatility has intensified, with Bitcoin dipping to $65,700 on October 25. Analysts attribute this to uncertainty in the crypto industry and heightened tensions in the Middle East. Trader Hardy mentioned on platform X: 'The decline in Bitcoin reflects the FUD around Tether and reactions to news of the Israel-Iran war.'

Bearish Engulfing Pattern and Technical Indicator Analysis

It is noteworthy that concerns about Bitcoin forming a bearish engulfing pattern are increasing in the market. Historical data shows that each time this pattern approaches a peak, it leads to significant pullbacks. The Relative Strength Index (RSI) indicates that Bitcoin is moving away from overbought territory, which may suggest it will face consolidation or a slight pullback in the short term.

In this uncertain market environment, investors need to remain vigilant and closely monitor changes in technical indicators to formulate reasonable trading strategies. Follow Lao Lin, and let's delve deep into market trends together to seize every investment opportunity!

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