Bitcoin rose 3.66% to $63,078 on Monday, October 25. The $59,510 level acted as a support level for the first correction after a new all-time high was reached. Price action recovered 50% of the drop from $67,000 to $59,510.
On Tuesday, the BTCUSD pair has been trading slightly in the red. On the Binance exchange, Bitcoin was trading at $62,555 by the time of writing. The leading cryptocurrency reverted to a correction following a 7% rally. The demand for risk assets remains in play, while the external backdrop still favors an extension of the uptrend, with a retracement to the $67k high.
In a September quarterly filing with the U.S. Securities and Exchange Commission (SEC), Tesla did not rule out that it would resume BTC transactions in the near future. The market reacted sluggishly to the news.
“We may in future restart the practice of transacting in digital assets for our products and services,” the company wrote in its 10-Q filing, published Monday. “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
Resistance formed at $63,700 on the hourly TF. Buyers have 40 hours to gain a foothold above that mark. Sellers have the target of gaining a foothold below $61,700. They are betting that if BTC falls below $61,700, buyers will start to close long positions.