Bitcoin News, Market Analysis

Bitcoin Price Over $57.4k – $57k Resistance Receives Full Support From Bulls.

As a peak after high falls to the widely predicted Q4 bull run conclusion, Bitcoin (BTC) bulls buy up every dip. After facing pushback on reaching its highest level since May, Bitcoin (BTC) kept markets guessing into the Wall Street open on Oct. 11.

BTC/USD is currently trading around $57,000, according to data from Coinmarketcap and TradingView, after touching $57,450 on Bitstamp, its highest level since May 10.

Bitcoin Price Over $57.4k - $57k Resistance Receives Full Support From Bulls.

1 Day Bitcoin Price Chart – Source: Coinmarketcap

As a result, Bitcoin essentially balanced out the impact of China’s mining disaster and the resulting global redistribution of hash rate.

Analysts were in a festive mood, with expectations focusing on a run to a six-figure peak starting sooner rather than later.

On the day, trader and analyst Rekt Capital said, “All data science models predict that BTC will peak considerably higher than $100,000 in this cycle.”

BTC/USD has only been higher 38 days in its existence, according to Morgan Creek Digital co-founder Anthony Pompliano.

According to Bloomberg, this may be aided by a unique macro-environment, which would add to Bitcoin’s attractiveness as a finite-supply investment.

Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, emphasized anticipated turbulence over US fiscal policy in the latest of his regular optimistic Bitcoin tweets.

“Bitcoin may be entering a unique moment for a 4Q price explosion as markets develop trust in the rising US debt and anxieties over a potential default,” he tweeted.

The dollar, on the other hand, was unconcerned with the concerns at the start of the week, with the DXY rising back above the 94 support level.

Leave a Comment

Your email address will not be published. Required fields are marked *