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Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

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Bitcoin price is showing recovering signs above $32,000 against the US Dollar. BTC is facing an uphill task at $34,000 and it is likely to continue lower towards $30,000.

  • Bitcoin is correcting higher from $28,865 and it is trading above the $32,000 resistance.
  • The price is facing a strong resistance near $34,000 and the 100 simple moving average (4-hours).
  • There is a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could face a strong resistance near the $33,800 and $34,000 levels in the near term.

Bitcoin Price Remains At Risk

This past week, bitcoin price saw a sharp decline below the $35,000 and $34,000 support levels against the US Dollar. The BTC/USD pair even tumbled below the $30,000 support and settled well below the 100 simple moving average (4-hours).

A low was formed near $28,800 before the price started an upside correction. It broke the $30,000 level and it even recovered above the $31,500 level.

There was also a test of the 50% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low. There is also a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC/USD pair.

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Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a triangle break, the price could face hurdles near the $33,800 and $34,000 levels. There is also a key bearish trend line forming near $34,500 on the same chart. It is close to the 61.8% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low.

A close above the $34,000 and $34,500 resistance levels could open the doors for a larger increase. The next major hurdle is near the $38,000 level.

Fresh Drop in BTC?

If bitcoin fails to clear the $33,500 and $34,000 resistance levels, there is a risk of another decline. An initial support on the downside is near the $31,800 level.

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A clear break below the $31,800 and $31,500 support levels could clear the path for a push towards the $30,000 support zone in the near term. Any more losses might call for a test of $28,800.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

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4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising towards the 50 level.

Major Support Level – $30,000

Major Resistance Level – $34,000

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Bitcoin

BTC Records a New ATH Amid Bitcoin Fut

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Bitcoin recorded a new ATH of $66,930 on Wednesday, October 20, as ProShares’ Bitcoin futures ETF makes an astonishing debut on New York Stock Exchange (NYSE).

As Crypto Economy reported, Tuesday, October 19, was a historic day for Bitcoin (BTC) as the world’s first Bitcoin Futures ETF by ProShares, under the ticker symbol BITO, went live on NYSE that generated an astonishing $1 billion in volume and over 24 million shares traded on its very first day. According to some reports, this first Bitcoin-linked exchange-traded fund listed in the US debuted as the second-most heavily traded fund on the record.

As expected, this historic moment has helped the world’s largest crypto asset by market cap to achieve its new all-time high (ATH) on Wednesday, October 20. According to crypto market tracker CoinMarketCap, the coin crossed its previous ATH of $64,895 on Wednesday evening and then continued to post a new ATH of $66,930. The price has corrected a little and the coin is now changing hands at around $65,000 at the time of writing.

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TVL on Ethereum DeFi tops $100 Billion

This watershed moment is positively impacting the overall cryptocurrency market. As the confidence in crypto is growing, so does the DeFi activity. With this recent crypto rally, the total value locked (TVL) on Ethereum-based DeFi protocols has also crossed $100 billion for the first time, according to the data provided by DeFi Pulse. Aave is leading the DeFi by having more than $17 billion in TVL on its platform.

According to DeFi Llama, the TVL on all DeFi platforms is $219 billion.

VanEck ETF is Coming Next Week

A Bitcoin ETF has been long-awaited by both the crypto community and investors on Wall Street, many of whom have argued for years that approval by regulators would open up digital currencies to more mainstream investors. Some thought that the US might ban cryptocurrency altogether like China, but the government’s approval of Bitcoin Futures ETF is an indication that regulatory headwinds may not be as strong as some expect.

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As the first Bitcoin-linked ETF has gotten the regulatory green light, many more are waiting in line. VanEck will be the second asset manager to share its part in this new era of Bitcoin. A document filed with the US SEC on October 20 indicates that the regulator has given the company permission to launch its fund after Saturday, October 23. The company has announced that its Bitcoin Strategy ETF, under the ticker symbol XBTF, will go live on Monday, October 25.

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Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today?

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  • Bitcoin price analysis is bullish.
  • BTC/USD set a new all-time high at $67,000 yesterday.
  • Slight retracement to retest $65,000 as support overnight.

Bitcoin price analysis is bullish today as a higher low has been set after a retest of $65,000 as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.

Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with strong bullish momentum over the last 24 hours. Bitcoin gained 3.12 percent, while Ethereum gained 12.35 percent. Meanwhile, Solana (SOL) continues to dominate the market, with a gain of 20 percent.

Bitcoin price movement in the last 24 hours: Bitcoin sets new all-time high at $67,000

BTC/USD traded in a range of $63,807.96 – $66,930.39, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.33 percent and totals $49.2 billion, while the total market cap trades around $1.24 trillion, resulting in the market dominance of 46.29 percent.

BTC/USD 4-hour chart: BTC to reach $68,000 today?

On the 4-hour chart, we can see Bitcoin price slightly retracing overnight as bulls prepare for another push higher today.

Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen steady growth so far in October. After a several-week consolidation above $41,000 at the end of September, a strong push higher was seen on the 1st of October.

Since then, BTC/USD has seen steady growth with several higher highs and lows set. From the previous major swing low of $41,000 to the current swing high of $67,000, BTC has gained around 63 percent.

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Yesterday, the previous all-time high of $65.000 was broken clearly, further indicating strength for the momentum. Overnight a slight retracement back to the $65,000 mark was seen as bears looked to retest it as support, likely before further upside is seen today.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as a slightly higher low has been set after a retest of $65,000 previous resistance as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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PayPal co-founder suggests he’s underinvested in Bitcoin while it records new ATH

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Bitcoin [BTC] did it once again. The asset broke its own record and caught the attention of the entire globe. Amidst this, PayPal’s co-founder, Peter Thiel expressed his angst over being “underinvested” in the world’s largest cryptocurrency.

The crypto industry as a whole garnered immense popularity over the last couple of years. From being closely regarded as an instrument that carries out illicit activities, to being adopted by governments across the globe, Bitcoin has certainly come a long way. Now, with a market cap of $1.2 trillion, Bitcoin stands as one of the most prominent currencies in the world.

Earlier today, BTC pushed past its previous all-time high of $64,899 and managed to hit a new high of $66,930.39. While BTC HODLers rejoiced this surge, an array of people were rather disappointed that they hadn’t poured in their money into the king coin. One of them was PayPal’s co-founder Peter Thiel.

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PayPal’s co-founder talks crypto

During a recent interview, PayPal’s Thiel revealed why he felt underinvested in the asset. He added,

“You’re supposed to just buy Bitcoin. I feel like I’ve been underinvested in it.”

The latest move of Bitcoin was lauded by the entire market. Speaking about the effects of BTC’s ongoing rally, the PayPal co-founder suggested that “we are at a complete bankruptcy moment for the central banks.”

An array of people took to Twitter and made their own predictions about Bitcoin. While some suggested that BTC was slated to endure a major fall, a few others noted that the coin could be aiming for $70K. Tesla’s Elon Musk had a rather bizarre prediction for the coin.

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The Tesla CEO’s latest tweet read,

Bitcoin’s rally certainly paved the way for several altcoins hitting new highs. Ethereum PETH], the second-largest cryptocurrency followed the footsteps of BTC and managed to hit an all-time high of $4,366.

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PayPal has played a major role in the crypto-verse in the last year. From opening doors to crypto and constantly remaining bullish about it, has pushed several assets to a new level.

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