Bitcoin price saw a massive boost as the SEC began approving Bitcoin ETFs. However, the hype seems to have vanished, leaving BTC high and dry. MicroStrategy CEO, Michael Saylor took advantage of the recent dips in Q3 as the company accumulated nearly 9,000 BTC in this period. The same trend was seen with El Salvador, the country that made BTC a legal tender. President Nayib Bukele mentioned in a series of tweets that the country bought the "dip." On the note of Bitcoin adoption, the US regulators are reportedly exploring how the US banks could hold Bitcoin.  Federal Deposit Insurance Corporation chair Jelena McWilliams stated that US bank regulators are working on providing a roadmap for banks to hold crypto assets.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Currently, Bitcoin price is above the psychological barrier mentioned above, but it needs to produce a decisive daily candlestick close above $62,000 to have any chance of going higher.

Failing to do so will likely result in a retracement to the demand zone ranging from $56,629 to $58,587. A potential spike in selling pressure that knocks Bitcoin price back down, with a daily candlestick close below $56,006, will trigger a downswing to the $55,347 support level. If bitcoin reaches this point, market makers will likely push the big crypto to the $53,000 demand level to collect liquidity. Doing so will alleviate the selling pressure for Bitcoin price, allowing it to reverse its downtrend and kickstart a new rally. While this short-term correction might be bearish, it will help Bitcoin embark on a journey that will propel it past its current all-time high. In such a situation, the bulls will set their eyes on the 161.8% trend-based Fibonacci extension at $77,908. This ascent would be a 47% gain from $53,000.

Clearing the $77,000 level would open the path for BTC to go to six-digits at $100,000, coinciding with to 61.8% trend-based Fibonacci extension level. This move would set a new all-time high.

Bitcoin Might Go For Dive Before Any Longs

Oct 31 2021