In addition to a new all-time high, Bitcoin (BTC) hit an all-time high at the month-end of $ 61,299 in October.

In the week of October 25th through October 31st, BTC rose only slightly. While the amount of movement is negligible, it helps Bitcoin to stay above an important price zone.

BTC confirmed the USD 59,000 area as support and created a long wick (green symbol) underneath. This is a sign of pressure to buy.

In addition, this zone previously acted as resistance at the all-time high between March and May. A breakout and confirmation as support is a strong bullish sign.

In addition, the technical indicators are also rising.

The MACD, formed by the short and long-term moving averages (MA), is in positive territory and rising. This means that the short term trend is increasing faster than the long term trend.

The RSI, a momentum indicator, has moved into positive territory and is rising. This means that an increase in price is supported by an increase in momentum.

Weekly BTC / USDT Chart | Source: TradingView

BTC’s monthly candlestick bar is also showing an all-time high of $ 62,199. The previous high was in March at $ 58,740.

This is another bullish sign that favors the bullish outlook from the weekly timeframe.

BTC / USDT monthly chart | Source: TradingView

BTC is trying to reverse

Despite the sheer upward trend in the weekly and monthly timeframes, the daily timeframe is still showing signs of weakness. Along with the ongoing bear market, this is evident in the MACD and RSI, both of which are bearish.

The decline in the MACD is particularly worrying as it produced 12 consecutive lower momentum bars. A bar with higher momentum is required to confirm a potential reversal.

However, BTC bounced off the 0.382 fib retracement support at $ 56,570, showing strong buying at lower levels. Below this level there is a strong area of ​​support at $ 52,450- $ 53,300 created by both the fib level and the horizontal zone.

BTC / USDT daily chart | Source: TradingView

Even so, the six-hour short-term chart is bullish. It shows that BTC broke over a descending parallel channel and subsequently confirmed it as support (green icon).

This is a move that usually results in a continuation of an uptrend. A rebound from the $ 63,530 resistance area will confirm the trend is bullish and BTC is heading for a new all-time high.

BTC / USDT 6-hour chart | Source: TradingView

You can see the Bitcoin price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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