Today, BTC/USD has resumed a fall after a rejection of the recent high, while it is very likely that Bitcoin will continue to fall. Selling tension resumed as stocks broke below moving averages. The downward trend would possibly increase beyond the $60,000 mental value point. .
Resistance levels: $60,000, $65,000, $70,000 Support levels: $50,000, $45,000, $40,000
Today, the moment’s upward trend to the $63,000 resistance has stopped as Bitcoin falls from the recent high. The cryptocurrency has fallen above the $60,400 value point as bulls buy the falls. After falling from $62,400 to $60,400, BTC/USD has resumed a few others. The resumption of bullish momentum allows buyers to erase the resistance grades of $63,000 and $64,000. However, if the bulls do not recover and values fall below $60,000, Bitcoin will fall to a low of $57,400. this task, as the bears continue to offer strong resistance to the recent peak. However, the bears threaten to cross the $60,000 threshold. The sales tension can resume if the existing cracks.
In the United States, the average American taxpayer won 3 rounds of government stimulus checks. Many Americans took the opportunity to invest in Bitcoin. The government has a higher chance that customer spending will revive the economy. The timing of the $600 stimulus check is reportedly. Distributed in December 2020 and January 2021. The report states that Bitcoin has reached an all-time high of $65,000, two months after the stimulus granted. If reinvested in Bitcoin, the check at the moment would produce a profit of 152% (around $312). In March 2021, the third stimulus check was pegged at $1,400, which was issued to eligible taxpayers. However, Bitcoin suffered a 3-month bear market. The bear market affected the reinvestment of the third stimulus check in Bitcoin. This attracted a modest pullback of 7% or $98 in profit at the time of writing.
Today, BTC/USD has fallen as the bears try to break through the $60,000 value, while Bitcoin is very likely to continue to fall. Meanwhile, on October 30, the downtrend; a drawn candle frame tested 61. 8% of the Fibonacci retracement point The retracement indicates that Bitcoin will fall to the 1,618 Fibonacci extension point or $59,377. 10
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Azeez Mustapha is a technical analyst with many years of experience in the inventory and cryptocurrency market, and has a wealth of experience in forex trading, training, and fund management.
Bitcoin withdraws above $61,000 while Bitcoin is trading marginally – October 30, 2021 Today, Array. .
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