- Bitcoin price is still moving lower and it could test USD 43,500.
- Ethereum traded below USD 3,200, XRP is struggling to stay above USD 1.00.
- XTZ rallied by 15% and it broke the USD 7.00 level.
Bitcoin price followed a bearish path from well above the USD 46,000 level. BTC traded below the USD 45,500 and USD 45,000 support levels. It is currently (11:55 UTC) trading below USD 45,000 and there is a risk of more downsides.
Similarly, most major altcoins are also moving lower. ETH traded below the USD 3,220 and USD 3,200 support levels. XRP extended its decline below USD 1.05 and it is struggling to stay above USD 1.00. ADA is down 8% and it broke the USD 2.40 support.
Total market capitalization
After facing another rejection, bitcoin price started a fresh decline. BTC traded below the USD 45,000 support zone and it even spiked below USD 44,500. If there is a downside break below USD 44,000, the bears could gain strength. In this case, the price could test USD 43,500. The next major support might be near the USD 42,500 level.
On the upside, an immediate resistance is near USD 45,200. The first major resistance is near the USD 45,000 level, above which the price might revisit the USD 46,000 zone.
Ethereum price remained in a bearish zone below the USD 3,400 zone. ETH broke the USD 3,300 and USD 3,220 levels. It even traded below USD 3,200, but the bulls are now protecting USD 3,150. If there is a break below USD 3,150, the price might decline towards the USD 3,000 level.
If there is an upside correction, an initial resistance is near USD 3,300. The first major resistance is now forming near the USD 3,350 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) declined below the USD 2.50 support to move into a short-term bearish zone. The price even traded below USD 2.40 and it might continue to move down. If there is a clear break below USD 2.35, the price might revisit the USD 2.20 support. The next major support is at USD 2.00.
Litecoin (LTC) is down by almost 5% and it traded below the USD 175 support. An immediate support is near USD 172. If there is a downside break below USD 172, the price could decline towards the USD 165 level. The next major support for the bulls might be USD 155.
Dogecoin (DOGE) declined nearly 5% and it settled below the USD 0.250 level. It is now consolidating near USD 0.235, below which the bears might test USD 0.220. Any more losses could lead the price towards the USD 0.200 level.
XRP price is gaining pace below the USD 1.10 support. The price even traded below the USD 1.05 support. The main support is near the USD 1.00 zone. If there is a clear break below USD 1.00, the price might decline towards the USD 0.950 level or even USD 0.880.
Other altcoins market today
Many altcoins are down over 8%, including REV, AVAX, LUNA, FTM, CELO, SOL, CRV, AR, OMG, FTT, HNT, AAVE, XEC, and RAY. Conversely, XTZ and ATOM are up over 8%.
Overall, bitcoin price is still moving lower towards USD 44,000. If BTC trades below USD 44,000, there could be a drop towards the USD 42,500 support zone.
200 Bitcoin ATMs are installed in Walmart stores, according to a report
It is now possible for customers of Walmart stores to withdraw Bitcoins at ATMs installed in their US stores.
The American retail multinational will allow its customers to buy bitcoin using ATMs installed in some of its stores in the United States. The initiative was made possible after a collaboration between retail giant Coinstar and Coinme.
Walmart will actually install Bitcoin ATMs
Last month, Walmart’s name became involved in a story, according to which the company had partnered with Litecoin (LTC) to allow its customers to make payments with the cryptocurrency. Although the rumors caused great excitement throughout the market, as soon as the facts were revealed he corrected them.
Now, however, a more credible Bloomberg report says the company has joined forces with Coinstar – known for its machines that can exchange physical currency for digital money.
The result of this new partnership was the installation of 200 Bitcoin ATMs in Walmart stores. It is now possible for customers to buy and withdraw Bitcoins at ATMs installed in some US stores.
Sam Doctor – director of strategy at cryptocurrency broker BitOoda – said installing bitcoin ATMs in supermarkets is a growing trend in the United States. However, he noted that Walmart is different from its rivals in that its customer niche can reach a more sizable percentage of society:
“Walmart expands access to Bitcoin to more people, as long as it continues to provide legitimacy among the most skeptical”
The Coinstar deal was previously reported by Coindesk, which tested the service. Customers who buy Bitcoin will need to insert paper bills into the machine to receive a voucher.
They must also set up a Coinme account and undergo a background check before the voucher can be redeemed. The machines charge a 4% fee for the Bitcoin option and a 7% cash exchange rate.
“It’s an expensive way to buy Bitcoin, but it lowers the barriers to entry for first-time cryptocurrency buyers,” concluded Sam Doctor.
Number of Bitcoin ATMs Grows Worldwide
This is not just a trend in the US. The number of Bitcoin ATMs is growing worldwide.
According to Coin ATM Radar data, they had only 7,756 in May 2020, and we’ve jumped to 29,852 now in October 2021.
What likely influenced the increase in demand for Bitcoin ATMs (ATMs) between 2020 and 2021 was the growing popularity of digital payments.
A report by Global Trade Magazine suggests that digital payments increased in popularity during the COVID-19 pandemic, with retailers reporting a 69% increase in usage since January, and this likely weighed on the increased demand for bitcoin worldwide.
A month ago, for example, Bitcoin became the official currency of El Salvador and the government launched its own BTC wallet, but, especially because of identity theft, adoption is not going as well as you think.
When there was a distribution of US$ 30 in bitcoin for each citizen in the country, criminals went after other people’s bonuses, similar to what happened in Brazil with the coronavoucher.
Other problems were also reported by two Brazilians who were in the country.
“For example, one of the things that happened is that they announced that the 200 ATMs were going to be [fruto de] a public-private partnership, but in the end, I don’t know if there was any problem in the bidding or any commercial problem in this project, [mas] it ended up being done with public resources”, they told Cointimes.
Bitcoin Forecast and Analysis October 25 — 29, 2021
Bitcoin BTC/USD ends the trading week at 63433, continues to move within the growth and bullish channel. However, while above the local maximum, the quotes are in no hurry to go further up. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53665. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 76505.
Bitcoin Forecast and Analysis October 25 — 29, 2021
An additional signal in favor of the growth of BTC/USD quotes in the current trading week October 25 — 29, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Now the values of the RSI indicator are testing resistance, so it is too early to expect the cryptocurrency to grow directly from the current levels. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47055 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 36605. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 67055.
Bitcoin Forecast and Analysis October 25 — 29, 2021 suggests an attempt to support area near the level of 53665. Then, the cryptocurrency will continue to rise to the area above the level of 76505. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 47055 area. In this case, we should expect a continued decline with a target at 36605.
China Banning Bitcoin Is a Big Mistake, Says Dan Held
- Bitcoin OG, Dan Held, tweeted, “China banning Bitcoin may be the biggest geopolitical mistake of the century.”
- His tweet sparked interesting conversations on the Twitter space, showing that people have varied opinions on the matter.
Dan Held, one of the OG supporters of the major digital asset, Bitcoin (BTC), initiated an interesting topic on Twitter yesterday. He says that China’s decision in banning BTC might be the ‘biggest geopolitical mistake of the century.’
China surprised the crypto space when it suddenly decided to ban BTC in the country. As this ensues, more crypto platforms are exiting the country and continuing their business elsewhere.
Of course, this decision created a massive butterfly effect in the market. There was some period this year that the market saw a drastic change from China’s move.
With that said, as Dan Held said, China’s decision may be a big mistake, indeed.
The Twitter crypto space, moreover, had different opinions on the matter. One account, @CurrencyWar1, said that “China’s CBDC will be the no. 1 digital currency in 2 years.” Another one, @theswampgirlUSA, said that “They [China] want the Chinese digital yuan to be a global reserve currency, not $BTC. Their #cbdc will incorporate #AI and social credit tracking so they can know everything about everyone.”
On the other hand, some are being speculative on the matter. For example, @Nuno_CFerreia said, “China is currently the number 2 holder of BTC… it doesn’t look like they banned it, they just want us to think they did.. the question is, why?”
Meanwhile, some took this as a positive thing. @jdubya said,
For China, yes. But it was the next positive step in the evolution of Bitcoin. It was not meant for one country to control so much of the mining resources. Better world distribution means a stronger network.
In any case, we will see if Dan Held’s opinion is true in the coming months or perhaps years. For now, the public is yet to see how China banning BTC will affect the country and the entire market.
At the time of writing, BTC’s price increased by 0.56% in the last 7 days and trade at around $61,000, according to CoinMarketCap.