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Bitcoin price analysis: BTC stable at $54,000

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  • Bitcoin price analysis reveals that the cryptocurrency is stable at $54,000.
  • The king of cryptocurrency has been bullish for the past few days.
  • Current support is found at the $53,933 mark.
  • Current resistance is found at the $54,720 mark.

Bitcoin price analysis reveals that the king of cryptocurrency is stable at the $54,000 mark after going into a bullish rally on the 6th of October. The bullish rally continued for two days, and today the king is finally stable after fluctuating above the $55,000 mark briefly. During the last 24-hours, Bitcoin has been up by 5.09 percent and up by 25.51 during the past seven days. The king is enjoying the bullish run with great zeal.

Bitcoin price analysis: 1 day chart shows bulls reigning supreme

The one-day Bitcoin price analysis reveals that the king of cryptocurrency is facing higher volatility than in the past days. The king is reigning supreme in the bullish trends. The upper Bollinger band showing the highest resistance mark is found at the $54,385 mark. The nine-day moving average is found at the first support level at $48,872, while the Bollinger bands’ average serves as the second support point at the $45,978 mark.

Bitcoin price analysis: BTC stable at $54,000 2

The Bollinger band lower is found at the lowest support point available at the $37,570 mark, the difference between opening and closing trends. The relative strength index (RSI) score is found to be at 67.15, which is slightly towards the oversold side.

BTC/USD 4-hour chart confirms the bullish trend

The four-hour Bitcoin price analysis chart reveals that the volatility is indeed increasing while the upper Bollinger band posing the strongest resistance is found at the $56,527 mark, while the lower Bollinger band marking the strongest support is found at the $46,156 mark. The difference shows the increased volatility as compared to the past.

Bitcoin price analysis: BTC stable at $54,000 3
BTC/USD 1-day candlestick price chart. Source: Trading View

The nine-day moving average acting as the close support is found at the $53,740 mark, while the Bollinger bands average is found at the $51,342 mark. The relative strength index (RSI) score is found at the 73.19 mark in the oversold zone allowing some room for the bears to take shape once again.

Bitcoin price analysis: Conclusion

At present, the king of cryptocurrency is enjoying a decent bullish momentum that has been going on for the past seven days; now, the king is tired away at the $54000 mark before retrying the $55,000 mark once again. If the current support levels persist, the king of cryptocurrency is likely to make it into the $55,000 mark range. If the current support falters, the fall would depend on the fault in supports, and the price is likely to fall as far below as the $50,000 range.

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Bitcoin Forecast and Analysis BTC/USD October 22, 2021

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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

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.

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Bitcoin Price Flash Crashes for Second Time in a Month in the US

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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.

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BTC/USD on Binance.US. Source: TradingView

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.

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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%.

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Mt. Gox Bitcoin Payouts On Horizon After Creditors Approve Plan

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The light finally appears to be at the end of the tunnel for the Mt. Gox creditors, who have approved a plan that will let them choose to receive some of the coins they have been waiting years for.

In a translated letter, Nobuaki Kobayashi, the Japanese lawyer and trustee for the now-defunct bitcoin (BTC) exchange, explained that “approximately 99%” of the creditors had voted in favor of an offer that has since been put before a branch of the Tokyo District Court.

A voting process that began back in May this year wrapped up earlier this month.

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The court has since confirmed the order, although there was no mention of an exact timescale for the token refunds.

The trustee wrote that an announcement “will be made to rehabilitation creditors on the details of the specific timing, procedures and amount of such repayments.”

However, Kobayashi wrote that the process would “finalize” and become “binding” in “approximately one month from” October 20.

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The creditors will then be able to file their claims through a website, by filing a proof of rehabilitation claim.

Kobayashi wrote that the trustee “would like to express sincere gratitude to all involved parties for their understanding and support.”

The BTC exchange was once the world’s biggest, but spectacularly folded in 2014 following a spate of hacking attacks that saw raiders make off with thousands of BTC tokens.

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Creditors have been trying to recover their funds ever since, but have been locked in a protracted legal struggle that has rumbled on over the years.

The Fortress Investment Group has previously offered creditors some 80% of claims. But the trustee promised a higher figure, closer to about 90%. The tokens lost in the hacks will likely have to be written off, however, meaning that payouts are going to be a fraction of the original amounts held.

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