BTCUSD Weekly Outlook and Bitcoin Fundamentals, 7th October 2021
BTCUSD Forecast and Fundamentals for BTC
Introduction
The Indian crypto brokers are excited about the hash-rate records as it’s about creating a new high since China’s Ban. It has taken it less than 3 months for the combined computational power of the network to hit 177.5EH/s based on reports from Blockchain.com.
BTCUSD Technical Analysis
Monthly Chart
Monthly Resistance Levels: 65300, 53000
Monthly Support Levels: 40000, 29000.
Previously, China was the largest hub for crypto miners before the Chinese authorities clamped down on the mining industry as they plan to reduce the emissions level in the country.
The World Health Organization states that the COVID-19 pandemic has a lethal infection that can transmit the virus from an individual to another. This is like the typical flu or cold spread. Covid-19 had an unfriendly impact on the working and worth of bitcoin and other cryptocurrencies.
Indian brokers are bullish on the BTCUSD pair with the plan of reaching the 53000 levels as the month progresses. A successful close above the 53000 zones will likely take the price back to the previous ATH zone for either a breakout or a pullback.
The BTCUSD pair is showing bullish momentum as the new month shows early signs of buyers are placing orders for a long ride.
Weekly Chart
Weekly Resistance Levels: 53000, 60000
Weekly Support Levels: 30000, 42795, 38000, 39320
The BTCUSD pair corrected about 24.50% from the bullish swing on the weekly time frame. If the bears can dominate the market, we may see the price drop back into the support level of 39320. A close below the support will take the bitcoin price to another level of 30000.
If the Bulls can take the price above the 52120 level, we may see another bullish run of price towards the 60000 high.
Daily Chart
Daily Resistance Levels: 53000, 49500 45000.
Daily Support Levels: 38000, 40000, 42500
Some days ago, the BTCUSD pair had a massive spike downwards which gave the sellers an advantage in the market. Similarly, Indians brokers who placed orders for the uptrend ride have dominated the support levels of 38000 and pushed the price up.
The buyer’s move has broken above 45000 level of resistance and a close above 49500 will take the pair up to 53000 levels. The market structure favors the Bulls now but a failure to close above the 49500 zones may push back the BTCUSD price.
Bullish Scenario:
A bullish scenario can be established on the daily chart because of the massive spike to the upside which shifted the bias from the selling options to a buying bias as the buyers took over the zone around the support levels of 40000.
Bearish Scenario:
The seller’s momentum has shifted and on the daily chart, as the price could not close lower than the support level of 39500. If the bears’ rally must continue, the BTCUSD price must be rejected at the resistance level of 49500 and close lower than the support level of 39500.
Bitcoin BTC News Events
KNOWING ABOUT THE DEFI TECHNOLOGIES
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The firm also focuses on top research and quality education in this fast-growing space of information. Valor incorporation is a subsidiary of DeFi Technologies Inc. which provides retail and institutional investors’ access investment in disruptive innovation like digital assets.
BITCOIN AT INFANCY STAGE
Bitcoin is the first application of the blockchain technology of its kind that was successful which means that the digital asset is just at the infancy stage of the revolution. As of January 2017, the BTC was under $800 before hitting above the roof with about $20000 at the end of 2018.
Recently we can see that the BTCUSD has gone above the $60000 level and it has done a correction. The next bullish run will surely go above the all-time high.
Conclusion and Projection
The BTCUSD is in a bullish rally on the daily time frame as the market structure favors the Indian brokers holding their long position as bitcoin enters into the bullish cruise. A close above the 49500 zones will open up the trend.
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