Bitcoin price targets record highs once above this key hurdle, Taproot upgrade in focus

  • Bitcoin price is building onto the recovery mode ahead of Taproot upgrade.
  • BTC price wavers in a rising wedge, with strong bids aligned around $63,000.
  • BTC bulls need acceptance above $65,500 to target record highs once again.

Bitcoin is trading in the green zone for the second straight day on Sunday, as weekend love returns for the pioneer cryptocurrency.

The most favorite digital asset pulled back sharply from all-time highs of $68,998 in the past week amid a profit-taking spree and rotation of investors’ capital into undervalued altcoins.

Further, the Securities Exchange Commission’s (SEC) rejection of the VanEck Bitcoin spot ETF also collaborated with the downside in BTC price.

The renewed upside, however, kicked in from near the $62,500 region, as BTC buyers jumped in, in anticipation of the Taproot upgrade on November 14. This upgrade focuses on the expansion of the Bitcoin network’s smart contract capabilities and improves privacy on the network.

At the press time, Bitcoin price is trading close to $64,800, adding 0.55% so far. The no.1 crypto coin booked a 5% weekly gain.

Bitcoin price: Path of least resistance appears to the upside

As observed on the daily chart, BTC price has managed to find strong support at the confluence of a five-week-old rising wedge formation and the upward-sloping 21-Daily Moving Average (DMA), now around $63,000.

That said, BTC bulls have fought back control, now looking to recapture the recent range highs around $65,500.

Acceptance above that supply zone will initiate a smooth ride for BTC buyers to retest the all-time highs.

The next critical upside barrier is seen at $69,257, which is the rising trendline barrier. A daily closing above the latter will trigger the rising wedge breakout, calling for a test of the $70,000 level and beyond.

The 14-day Relative Strength Index (RSI) is edging a tad higher while comfortably above the midline, justifying the upturn in BTC price.

 BTC/USD: Daily chart

Alternatively, BTC sellers could re-emerge on souring crypto market sentiment, which could threaten the abovementioned crucial support near $63,000.

A convincing break below that support will confirm a wedge breakdown. The corrective decline from record highs will then resume, exposing the November 6 lows of $60,123.

The next fierce downside barrier is seen at $57,796, the October 28 low.

 

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