Thursday, November 11, 2021

Could Bitcoin explode higher into the year-end?

Could Bitcoin explode higher into the year-end?

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Hi Crypto Academy Network,

Bitcoin rallied to a new all-time high above $67,000 on Nov. 8. Even Ether was not to be left behind as it also made a new all-time high and neared the psychologically critical level at $5,000. With the two largest cryptocurrencies by market capitalisation leading the charge, the total crypto market cap topped $3 trillion for the first time, according to CoinGecko.

Bitcoin bounced off the 20-day exponential moving average (EMA) on November 6 and soared above the overhead resistance at £48,426.53 on November 8, defying our assumption of a consolidation. The BTC/GBP pair could now pick up momentum and charge toward the 161.8% Fibonacci extension level of £56,174.25 and if this resistance is crossed, the next stop could be £60,249.98.

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