Technical Analysis

BTC/USD Analysis – October 21, 2021

By LonghornFX Technical Analysis
Oct 21, 20213 min

Bitcoin Price Prediction

The world's most valuable cryptocurrency, Bitcoin has finally broken above the $64,900 price barrier, setting a new price high above $65,000. The BTC/USD trading pair gained considerable momentum before the US trading session, sparking social media excitement. For example, MicroStrategy CEO Michael Saylor proposed:

"The halls of eternity echo with the cries of those who sold their Bitcoin."

This new price rounds off a historic week for BTC, which saw the popular digital currency outperform several major fiat currencies. Furthermore, Cointelegraph predicts that BTC will rise considerably higher in the weeks and months ahead. However, the site stated that several retracements would be required to create new support levels. This also indicates that prospective bullish traders and investors will have several good entry points into the market.

Furthermore, the greatest forecasts for the short term are now about $300,000 per Bitcoin. Furthermore, several data sources indicate that BTC may continue to outperform altcoins for the foreseeable being. As a result, well-known traders advised against concentrating on altcoin-heavy portfolios. The Valkyrie product, like ProShares, will not invest directly in Bitcoin but instead attempt to purchase a variety of BTC futures contracts. The VanEck Bitcoin Strategy ETF, slated to begin trading on the New York Stock Exchange underneath the ticker XBTF on Monday, October 25, will be the next Bitcoin futures fund to open.

Based on the performance of the ProShares, these two could see considerable demand from large investors seeking exposure to the world's greatest digital asset. The ProShares fund, which debuted on Tuesday, set a new record of $1 billion in total trade during its first day, the nation's second fund in history.

The accolades didn't stop there; BITO accumulated a billion dollars in assets under management (AUM) in its first two trading days. This new record was originally owned by a gold-based fund that surpassed $1 billion in its first three days of operation.

BTC/USD Intraday Technical Levels

Support Resistance

63928.01 67411.77

61951.49 68916.0

60446.10 70893

Pivot Point: 66233.0

BTC/USD - Technical Outlook

Bitcoin's price has risen beyond the $63,500 resistance level. BTC has broken through the crucial $65,000 resistance zone and is trading above the 100 hourly simple moving average. It even broke through the $65,500 resistance and reached a new all-time high of $66,982. It is currently correcting lower and selling under $66,000.

There was a break below the rising wave's 23.6 percent Fib retracement level from the swing low of $61,320 to the high of $66,982. The $64,200 level provides instant support. On the hourly timeframe of the BTC/USD pair, a critical bullish trend line is forming with support of about $63,000.

On the upside, an early resistance level is near $65,200. The first significant resistance is located near $65,500. A decisive break above the $65,500 resistance level could pave the way for more gains. The next considerable barrier is located near the $66,800 level, above which the price may increase to the $68,000 level. Any additional gains might push the price up to $68,000.


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