BitcoinPrice Analysis

This Is Why October 27th May Be Important for Bitcoin Price Rally!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Oct 18, 2021

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Highlights

    Bitcoin nears its ATH levels for the first time in 5-months. Its new ATH could be right around the corner.

    Netizens pin high hopes over speculations of ETF’s approval on the 27th of October.

Bitcoin is now on war footing momentum towards its new ATH. The crypto industry has dealt with the lows for a brief period of time, ever since its crash mid-year. The coins have been rising from the odds at a steady pace. BTC price brushed close to the levels of $63,000, for the first time in ~5-months.

BTC at press time values at $62,626.31, with gains for the last 24-hours around 2.9%. The star crypto rose to $62,911.48 a couple of hours ago and recorded the highest ever weekly close after the mid-may crash. While the trading volume for the past 24-hours stood at $32,946,715,689

The digital gold of the crypto industry is over ~30% since El-Salvador gave $30 to every citizen. Meanwhile, substantial reports suggest that. The amount of Hodled or lost coins has reached a 9-month high of 7,215,532.022 BTC

What Next Post-BTC’s New ATH?

The digital coin will have to stick to its level of $62,000, as it remains the crucial zone for BTC’s next leg-up. Consecutively, the support zones for BTC are in the range of $60,000 to $59,000. While the resistance ranges from $64,000 to $65,000. A breakthrough from the new ATH could possibly take BTC to the next milestone of $68,000. 

However, traders might have to err on the side of caution. As the space peaks at extreme greed, on the fear and greed index currently. We can expect BTC to retest its prices around the ATH levels. Moreover, the speculations of Evergrande’s default remains a concern across exchange markets.

The approval of Bitcoin futures ETF from ProShares has inundated the faith in BTC amongst investors and traders. Resulting in the recent up-trend of the coin. Consecutively community members have pinned high hopes over the possibilities of the approval of more ETFs. Speculations of which are on the 27th of October. We can expect, BTC to head towards its milestone of $100k if things fall into place.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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