Bitcoin (BTC), which was below $62,000 on October 26, fell because the launch of the third US regulated exchange-traded funds (ETF), failed to change the price action.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
$61,600 support target for BTC
Cointelegraph Markets Pro data and TradingView data showed that BTC/USD hit daily lows on the opening day of U.S. markets, Oct. 26.
The VanEck Bitcoin Strategy ETF ETF (XBTF) was the latest ETF. It was received with a markedly different mood as Bitcoin seemed unmoved at the prospect of new institutional involvement.
The ProShares Bitcoin Strategy ETF witnessed a surge last week, which resulted in new highs for Bitcoin/USD. These still remain unmatched as correction challenged $60,000 support.
The current price of $62,000 was a weak focus at the time this article was written. This is in line with recent price forecasts by popular analysts.
Rekt Capital stated that it would be natural for BTC prices to drop into the $61600 level (orange level).” Rekt Capital also provided a new price chart.
“Holding there would indicate strength on the buyers’ side.”
Summary of BTC/USD. Source: Rekt Capital/ Twitter
While expectations have been high for an all-time high to see a test on the back recent movements, research suggests that a dip as low at $50,000 would still maintain the overall bullish trajectory.
Cointelegraph reported that even the October close was predicted to be at $63,000. This gives Bitcoin more time to track sideways before pressure rises.
PlanB, an analyst who declared $63,000 the “worst case scenario” for the monthly close has officially declared the second leg 2021 bull in progress.
ltcoins are due to a “copy paste” of an earlier bull run
Major altcoins were also tentative, with Ether (ETH), unmoved at $4.150.
Related: GBTC had better returns last week than Bitcoin ETFs
The top ten cryptocurrency market caps were also flat in the last 24 hours — rare moments of calm for an asset class that has been plagued by volatility this month.
Michael van de Poppe, a Cointelegraph contributor, stated that “We know the structure from earlier and we’ve also had repeated tests happening before we’ve begun to move.”
He foresaw a “copy paste” scenario in which the gains would be realized at a later date. However, the timing of this is still uncertain.
He said, “The upside is usually higher than you anticipate,”
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView