We have seen a new high for Bitcoin (BTC) of up to $55,000 after the serious correction that took place in the month of May 2021 when BTC price went from over $65,000 to as low as $39,000.
This new high for BTC since May is indeed a strong indication that the bulls are gaining strength to push the price back up.
You may want to ask, What could be driving this?
The cryptocurrency market is picking up again, witnessing both institutional and retail adoption. It is also October, the month many market players and investors believed assets would appreciate, spurring bullish behaviour in a market that has been bearish for sometime now.
Technically, we see that after BTC price broke through the $50,000 resistance, a bullish trend was confirmed. Bitcoin did a nice sharp move in the $52,000-$53,000 area and is currently facing resistance at $55,000 area. As shown in the chart below, a breakout from the trend line is confirmed. But we may see a possible pullback to retest that trend line before it heads upwards again.