Technical Analysis

BTC/USD Analysis – November 01, 2021

By LonghornFX Technical Analysis
Nov 1, 20213 min

Bitcoin Price Prediction

The BTC/USD closed at $61,330.0 after reaching a high of $62,414.0 and a low of $60,021.0. However, it managed to remain above the $60,000 mark as there was no such negative development surrounding its ecosystem. The Apple co-founder, Steve Wozniak, spoke during an interview with Yahoo Finance and said that Bitcoin was based on mathematical purity. He compared the U.S. dollar with bitcoin and said that the government can create new dollars and borrow them, which makes them non-fixable. However, bitcoin is like mathematics, which can never be created, and there will never be another bitcoin.

He further said that the U.S. dollar system felt artificial, whereas bitcoin was built on the basis of science, logic, and computer programming. He also said that bitcoin had no creator and no company was running it. It was just mathematically pure and he believed in nature over humans always. These comments from Wozniak added some strength to the BTC/USD. Meanwhile, football legend Tom Brady, who has become one of the most active bitcoin and crypto promoters in the sports world in recent months, has paid an entire one bitcoin to one of his fans in order to buy back one football.

Brady threw his 600th touchdown ball to wide receiver Mike Evans. This touchdown milestone has not been achieved by any player before, which makes this ball one of the most special items in the history of the sport. Unfortunately, Evans did not realise the significance of the ball and handed it to a fan named Byron Kennedy in the audience. Several team representatives approached Kennedy to get the ball back and negotiate, which ended up with Kennedy receiving as much as $100,000 in gifts, including an entire BTC from Brady himself.

Bitcoin was also moving above the $60,000 level because of the latest filing from the electric car company Tesla, headed by the South African entrepreneur and world’s richest man, Elon Musk. The filing suggested that the company might be open to accepting bitcoin and crypto payments for vehicles again in the coming future. Tesla has explained that it believes in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. This report kept the leading cryptocurrency, BTC, higher in the market.

Furthermore, reports have suggested that Russia’s leading Neobank was considering adding cryptocurrency services. The director of Tinkoff Investments, which is the online brokerage portal of the Russian bank, has said that the company could turn its sight towards the digital asset industry due to increased customer demand. Dmitry Panchenko has also said that the idea was still in its early stages as Russia had strict and non-crypto-friendly legislation.

BTC/USD Intraday Technical Levels

Support Resistance

60096.0 62489.0

58862.0 63648.0

57703.0 64882.0

Pivot Point: 61255.0

BTC/USD - Technical Outlook

On Monday, the BTC/USD pair is trading with a bearish bias at the 60,678 level. Bitcoin has bounced off above an immediate support level of 59,481 level and closing of candles above this level are suggesting bullish bias in BTC/USD. On the up side, the BTC/USD’s immediate resistance stays at 61,325 level and a breakout of this level exposes BTC price towards 62,489 and 63,435 level. Conversely, a breakout of 59,481 support level adds selling trend in BTC/USD until 57,996 level. The MACD and RSI are supporting a bearish bias, therefore, the BTC’s bearish bias dominates below 61,255 and vice versa. All the best!


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