BTC/USD Analysis – October 28, 2021

Bitcoin Price Prediction

BTC/USD ended the day at $60,598.0, having reached a high of $62,395.0 and a low of $57,612.0.BTC/USD surged on Thursday, recouping all of its previous session losses as the bitcoin ecosystem continued to improve.

The President of El Salvador, Nayib Bukele, has revealed that his government has taken advantage of the dip in bitcoin and has bought about 420 more bitcoins, which has increased the total number of bitcoins in its portfolio to 1120 BTC.

The reports suggested that when the announcement was made, Bitcoin was moving around $58.9K, which means El Salvador purchased a total of around $24.7 million. This purchase was made merely a month after the Central American nation added an extra 150BTC to its crypto holding and added to the 550 BTC that it was previously holding. These announcements from Nayib Bukele added to the value of BTC/USD and pushed its prices higher on Thursday.

A bitcoin devotee and CEO of MicroStrategy, Michael Saylor, has said that the company will continue to evaluate opportunities to raise additional capital to execute its bitcoin strategy. The company has raised capital through an at-the0market equity offering to add about 9K bitcoins to its holdings in the third quarter of 2021. The company's revenue in Q3 was around $128.0M, which was about 0.5% higher than the previous year's revenue. The news that MicroStrategy was looking to raise more capital to buy bitcoin also played its part in driving BTC/USD higher on Thursday.

Another reason behind the sudden rise in BTC/USD on Thursday could also be the increased participation of celebrities in bitcoin's mainstream adoption. Among many, the famous actor and screenwriter Matt Damon has been featured in an ad campaign by cryptocurrency platform Crypto.com that will release the "Fortune Favors the Brave" ad. This ad includes bitcoin creator Satoshi Nakamoto among the pioneers of history who have embraced the moment and succeeded on their path to commit, achieve, and adventure. Damon is not only featured in the ad, but he is also a backer of crypto.com. This news also added further upward momentum in BTC/USD on Thursday.

On the other hand, British authorities recovered $3 million in bitcoin from a teenager who put up a bogus website to defraud customers. On Tuesday, authorities in the United Kingdom apprehended a 17-year-old kid from South Lincolnshire and recovered approximately $3 million in bitcoin from him.

The authorities have not released the boy's name; nevertheless, they have stated that the youngster created a bogus website nearly identical to Love2shop's actual website, which sells gift cards. He then paid Google to market his fraudulent site, which resulted in his bogus site showing above the legitimate site in search results.

The initial site customers were misled into inputting their information, and the kid took $8954 in vouchers, which he used to buy bitcoins and other cryptocurrencies. This news curbed some of Thursday's gains in BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

58008.4 62791.4

55418.7 64984.7

53225.4 67574.4

Pivot Point: 60201.7

BTC/USD - Technical Outlook

The BTC/USD pair is trading with a bullush bias at the 61,324 level, having soared above a strong resistance level of 61,000. This level is now working as a support for Bitcoin. On the lower side, Bitcoin’s immediate support prevails at the 60,250 level and the breakout of this level exposes the Bitcoin towards the next support levels of 59,480 and 57,955 levels.

On the bullish side, Bitcoin’s next resistance holds around the 62,150 level, and a bullish breakout of this level exposes BTC towards 62,568 and 63,450 levels. The MACD and RSI are supporting a bullish bias, therefore, the BTC’s bullish bias dominates below 60,201 and vice versa. All the best!