BTCUSD Weekly Outlook and Bitcoin Fundamentals, 21st October 2021
BTCUSD Forecast and Fundamentals for BTC
Introduction
Reports from Coingecko show that the bitcoin Hashrate increased by 54% after the Chinese crackdown. The hike in BTC Hashrate is tied to the migration of miners from China into other countries. Bitcoin has recovered well and trending in a bullish direction since then.
It is interesting to see how IQOption investors took advantage of this opportunity to invest in mining and crypto trading. Let’s dive into the charts.
BTCUSD Technical Analysis
Monthly Chart
Monthly Resistance Levels: 65300, 53000
Monthly Support Levels: 40000, 29000.
It is a pleasant moment for the Indian brokers to see the price of the BTCUSD pair close above the 53000 zones because the move is an opportunity for the Bulls to take advantage of the price movement and to rise above the All-Time High of the coin on the monthly chart.
Countries that have legally accepted the BTCUSD pair as a legal tender have seen an appreciable increase and value in the digital market. The digital asset is popular in Central America in a country like El Salvador, which has been buying bitcoin and adding it into its holding.
Weekly Chart
Weekly Resistance Levels: 53000, 65000
Weekly Support Levels: 30000, 41000,
El Salvador’s president Nayib Bukele on his Twitter handle said that “the country had bought the dip of the bitcoin fall. He advised interested investors that they (Market Makers) can never beat you if you buy the dip.
The BTCUSD has recovered from the roughly 24.5% correction it experienced some weeks back.
The direction of the price is northwards, and the focus of all market participants is bullish, for they hope to enjoy the ride for a long period once the 65000 level is taken out.
Daily Chart
Daily Resistance Levels: 65300, 54000 45000.
Daily Support Levels: 38000, 40000, 42500
The accumulation phase of the BTCUSD pair on the daily chart around the 40000 support zones led to the distribution of price in an upward direction as the price could not close lower than the zone. In El Salvador, we can see that about 25% of the Central American nation are using the choice wallet (Chivo Wallet) and the bitcoin ATM have serviced interested users.
The uptrend has taken out some various levels of resistance before slowing down around the 61500-dollar mark. If the uptrend still has its momentum, we may see the price making a new ATH in a few days.
Some Indian brokers will watch the ATH zone for a rejection of price so that they may sell their asset for a short period before buying another dip that may take out the All-Time-High zone in the future.
Bullish Scenario:
The previous rejections of price to the downside by the Buyers around the support levels of 40000 have continued to increase in a bullish momentum and it has shown no weakness. Price is around the psychological zone, a close above the level will attract more Indian brokers and investors.
Bearish Scenario:
The short position traders anticipate the ATH will be a tough zone for the Bulls and they hope to take down the price of BTCUSD from the zone. A failed move by the buyers will give the sellers an advantage.
Bitcoin BTC News Events
HINDU PARAMILITARY GROUPS CALLS FOR REGULATED CRYPTOCURRENCIES
The Hindu nationalist group RSS, known as Rashtriya Swayamsevak Sangh, has cried out to the Indian government to regulate cryptocurrencies because of the safety of society and users. The leader of the group states that “an uncontrolled currency like bitcoin has the potential of destabilizing economy of countries and it a serious challenge.”
The Indian government is seriously working on a cryptocurrency bill as Finance minister Nirmala Sitharaman is prepared to present the bill to the cabinet. The Reserve Bank of Indian is working on the CBDC (central bank digital currency) that will be launched in phases. Bitcoin is among the world 8th valuable asset in the world and many nations have concluded that you cannot run away from cryptocurrencies according to Zimbabwe Finance Minister.
Other countries are paying attention to the crypto market, and they are adopting the technology for economic benefits. As Chinese continues its crackdown on cryptocurrency trading, U.S Senator Pat Toomey sees a huge economic opportunity for the US market as their economic competitors have created a loop.
Conclusion and Projection
The BTCUSD pair is bullish, having broken out of the resistance levels of 53000 on the daily time frame.
Indian brokers and market makers held their long position since the bulls could overturn the trend in their favor from the support levels of the 40100-dollar mark. They have been able to enter the expected bullish cruise.
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