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Bitcoin (BTC) Steadies Around $61k, Ethereum (ETH) Posts a New All-Time High

Bitcoin (BTC) Steadies Around $61k, Ethereum (ETH) Posts a New All-Time High

Nick Cawley, Senior Strategist
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Bitcoin (BTC/USD) and Ethereum (ETH/USD) Prices, Charts, and Analysis

  • Bitcoin (BTC) readying for another move higher.
  • Ethereum (ETH) prints a new record.
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Bitcoin is slowly pulling back the early week sell-off and is back in the multi-week bullish channel that has defined BTC price action over the past months. The early-May double high print has also acted as a brake to any recent downside move, and if BTC can keep above the 20-day simple average then a renewed test of the all-time high at $66,987 is back on the cards. In the shortterm, a break above yesterday’s $62,460 high would end a series of lower highs and give a move higher more technical credibility. Extra care needs to be taken going into the end of today’s session with month-end option expiries taking place.

Bitcoin (BTC/USD) Daily Price Chart – October 29, 2021

Ethereum made a new all-time high earlier in the session and it is unlikely to be its last as the daily chart remains positive. As with Bitcoin, the sell-off earlier this week has been re-couped, and as long as the bullish channel remains, then Ethereum is likely to go into price discovery mode soon. The next likely figure to be talked about will be $5k which would seem achievable fairly quickly. Ethereum has also outperformed Bitcoin in the past few days, pushing the BTC/ETH spread back to around 700 compared to its 590 multi-week low made just 10 days ago. The Ethereum set-up remains positive going into the end of the year.

Ethereum (ETH/USD) Daily Price Chart – October 29, 2021

What is your view on Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.