Bitcoin Price Prediction
The BTC/USD ended the day at $60,847.0, having reached a high of $61,471.0 and a low of $59,537. BTC/USD dropped on Sunday, but the losses remained very consolidated amid low trading volume. According to Elvira Nabiullina, governor of the Central Bank of Russia, the bank is not ready to allow the trading of ETFs based on bitcoin futures. This statement came in response to the latest move by the U.S. Securities and Exchange Commission (SEC) to list the bitcoin ETF in the country.
On Tuesday, Oct. 19, the first Bitcoin ETF in the U.S. was launched on the New York Stock Exchange, which reached almost $1 billion in total volume before trading closed. And on Friday, Valkyrie's bitcoin Strategy exchange-traded fund was also listed on Nasdaq. The Central Bank of Russia (CBR) has said that the listing of such instruments comes with an increased risk of losses for less-experienced traders. The CBR has called on brokers and trustees to refrain from offering assets and products related to cryptocurrencies. This news added downward pressure on BTC/USD over the weekend.
Meanwhile, one of the OG supporters of bitcoin, Dan Held, said that China's banning of bitcoin might be the biggest geopolitical mistake of the century. China surprised the crypto space when it suddenly decided to ban cryptocurrency in the country. As the move has taken a very serious step, more and more crypto platforms are exiting the country and continuing their business elsewhere.
Furthermore, Pacaso, a major real estate agency, has stated that it would begin taking cryptocurrency payments from individuals wishing to buy or invest in a second house. Pacaso stated that digital currencies were becoming more mainstream and that investors were hoping to potentially cash in on these assets by acquiring homes to build their fortune. To ensure that transactions are concocted on time, the company has joined Bit Pay, a cryptocurrency payment processing platform. Apart from Bitcoin, other cryptocurrency payments will also be accepted, including ETH, LTC, BCH, DASH, and several other stable coins. This news caped some of the losses on Sunday in BTC/USD.
Mariah Carey has also encouraged her fans to participate in cryptocurrencies by offering $20 in free bitcoin through her linked cryptocurrency exchange. This well-known singer, songwriter, and actress has five Grammy Awards, 19 World Music Awards, and 21 Billboard Music Awards to her name. Carey has teamed with Gemini, a cryptocurrency exchange, to offer a modest amount of free bitcoin to anyone who signs up for a trading account at the crypto exchange and begins investing. This news also helped to limit the decline in the Bitcoin/USD pair on Sunday.
BTC/USD Intraday Technical Levels
Pivot Point: 63765.70
BTC/USD - Technical Outlook
Bitcoin dropped dramatically to test the support level of 60,360 before rebounding to trade at 61,970 on Monday. On the 4-hour-timeframe, Bitcoin has completed the 50% Fibonacci retracement at 60,362 and a breakout below this level exposes the selling trend until the 61.8% Fibo level of 59,050.
On the bullish side, Bitcoin’s immediate resistance stays at 63,080 level and a bullish breakout of 63,725 level exposes the coin towards 65,275 level. On the 4-hour chart, the leading indicators like RSI and MACD are in support of a bullish trend. While the pivot point is supporting the bullish bias at the 61,525 level on Monday, All the best!
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