Bitcoin price is in a range that could quickly surpass an all-time high of $ 58,332. Bitcoin’s 24-hour range is from $ 53,101.24 – $ 57,336.75, trading above the 10-hour and 50-hour average on the hourly chart, a bullish signal.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price is close to the all-time high
Bitcoin rallied for the sixth day in a row, spanning the longest streak of victories of the year, and approaching record highs reached last month. The market’s largest cryptocurrency surged above $ 56,000, up about 3 percent on the day and in the quick range to hit an all-time high of $ 58,332.
We can continue to see strong momentum from the indicators. It should not be surprising that Bitcoin tests old highs and is likely to break out. The intraday gains were due to two factors driving the massive bull market over the past year: Bitcoin has increasingly been used as a hedge against inflation in the face of trillions of dollars in economic stimulus and adoption. there is a growing number of large institutional buyers.
The US House of Representatives on Wednesday passed a $ 1.9 trillion pandemic relief bill, which was also passed by the Senate, which was a priority in President Joe Biden’s early days in office. . Some economists say that the extra money could quickly warm up the economy, spur consumer demand and quickly recover jobs, which could quickly lead to price increases.
Cryptocurrency analysts note that the average rate of funding on Bitcoin permanently – fee traders pay for leverage in derivative contracts – has begun to rise again suggesting the market. prices are increasing. But that is still far from the unsustainable level the market saw at the end of February, which has resulted in a correction due to the liquidation of over-leveraged traders.
Meanwhile, spot market volumes were flat on Wednesday, suggesting that the market has yet to return to the euphoria seen earlier this year.
If we consider volume to be energy, and if buyers only exhibit low energy, how can they continue to increase prices? We really need a few other big buy orders to push it all forward with more energy.
According to a top expert on the leading cryptocurrency, the asset’s price chart has become a sort of manipulation gauge that measures ongoing economic growth engineering by governments.
Bitcoin price has become a manipulation gauge of sorts according to Pysh | Source: TradingView
Looking at Bitcoin’s price chart above, the price action is relatively stable – as stable as it gets for a volatile cryptocurrency. But when Black Thursday happens last year, and there’s an enormous spike downward unlike ever before seen.
The extreme move down resulted in such a strong polar move to the upside, further fueled by what has been a perfect storm for the nascent cryptocurrency.
In addition to price rising due to hyperinflation, the adoption of the technology is exploding, and institutions are involved for the first time ever, and it has only recently just begun. Gold, which typically performs in this type of environment, has suffered and seen outflows go directly into Bitcoin.
The current bull market uptrend is only poised to continue, as more stimulus packages are on the verge of being passed and funds being distributed directly to businesses and individuals. The risk of hyperinflation remains high, and buying Bitcoin remains the best defense.
Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs
Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
ETH all-time high? Blink and you’ll miss it
Data from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.
Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.
Trader and analyst Rekt Capital called the event a “picture perfect rejection.”
At the time of writing, ETH/USD circled $4,150, preserving $4,000 as support with the exception of a flash dip which immediately followed the all-time high rematch.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
Against Bitcoin, Ethereum fared better, with the ETH/BTC pair having bounced near lows last seen in late July.
Bitcoin could see “additional topside euphoria”
Having similarly failed to hold significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled their excitement.
Funding rates were returning to normal on Friday, having reached a state reminiscient of the blow-off top from April.
Bitcoin funding rates chart. Source: Bybt
As with open interest, however, these were not as frenzied as the Q2 rush, which produced the $64,900 all-time high in place until this week.
“This means there is possibly still room for additional topside euphoria but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest market update.
Bitcoin Forecast and Analysis BTC/USD October 22, 2021
BTC/USD are trading at 64619 and continue to move as part of the correction and the bullish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,194,342,792,891. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines up, which indicates pressure from buyers of ”Digital Gold” and a potential continuation of the rise in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 22, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 57505 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 74055 area.
Bitcoin Forecast and Analysis BTC/USD October 22, 2021
An additional signal in favor of the growth of BTC/USD quotes will be a test of the rising trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the growth rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 52205. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 42055. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 69205.
Bitcoin Forecast and Analysis BTC/USD October 22, 2021 suggests an attempt to test the support level near the 57505 area. And further, the cryptocurrency will continue to grow with a potential target at 74055. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 52205 area. This will indicate a continued fall with a potential target below the 42055 area.
Bitcoin Price Flash Crashes for Second Time in a Month in the US
The price of bitcoin (BTC) on Binance.US, the US-based exchange affiliated with Binance, briefly crashed to as low as USD 8,200 today – a drop of 87% – before recovering again. The crash marks the second time in a month when bitcoin prices in the US have briefly disconnected from the rest of the world.
Today’s flash crash, which was one of the most significant on a major exchange in bitcoin’s history, all happened within less than 1 minute, the BTC/USD price chart from Binance.US showed.
Although the flash crash was all over within a minute, the trading volume showed that a significant number of coins did change hands during the crash, indicating that some traders may have been able to fill orders for bitcoin at extremely low prices.
Flash crashes can happen when large market sell orders are sent to exchanges without sufficient liquidity on its order books, for instance, because a large trader accidentally placed the order as a market order instead of a limit order.
Today’s flash crash on Binance’s US exchange is the second such incident in a month in the US. On September 20, a data feed for crypto prices called Pyth that is used by some of the largest financial institutions on Wall Street showed a 90% crash in the price of bitcoin.
The feed briefly showed bitcoin at a price of USD 5,402. However, a similar price crash was nowhere else to be seen. Two days later, in a report about the incident, Pyth concluded that the abnormally low price was indeed a technical glitch, “caused by the combination of (1) two different Pyth publishers publishing a near-zero price for BTC/USD and (2) the aggregation logic overweighting these publishers’ contributions.”
Discussing today’s incident on Twitter, many traders complained about being forced by US regulations to use exchanges such as Binance.US, which has thin order books and low liquidity compared to the international version of the exchange.
No statement has yet been made from Binance or Binance US regarding today’s flash crash.
At 16:11 UTC, BTC trades at USD 63,180 and is down by almost 6% in a day, trimming its weekly gains to 10%.