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Daily Bitcoin and Crypto Analysis

October 26: Daily BTC Analysis

October 27, 2021

Matt Blom

Institutional wallets, those with over 100BTC are adding Bitcoin at pace

Bitcoin is down 1% on the day, with the market attempting to consolidate above the $60,000 level. Comparisons are being made between this ATH, and the one created when the CME first launched Bitcoin futures. Namely, the market races to a new high on the arrival of a new product, then momentum is lost, and the retrace begins. 

Personally, I actually think this time is different, for many reasons, which we have discussed at length, but can be summed up in two words 'Economic Policies'. 

As we look at what Bitcoin holders think, we can see that the top was gratefully received, and sold, by the retail crowd.

The total number of wallets holding 0.1BTC have declined during this run up to a new ATH. Retail took profits, so much for hodling! 

The story is much the same for the larger retail space, wallets with 1BTC or more have followed the same pattern. 

 

So what is driving exchange balances to multi-year lows?

Institutional wallets, those with over 100BTC are adding Bitcoin at pace, continuing to add the buying pressure that kick started this rally back in September.  

Should Bitcoin break higher again, the large holders are well positioned, and are displaying the 'Hodl" mentality that is required to profit from the retail FOMO, which will surely ensue on a break above $66,999. 


Technical Analysis

30 Mins

We are in a $60,000 to $67,000 range until we break out. There seems little to stop the bitcoin juggernaut right now, although many people have diversified portfolios and calling for ALT season.


Support:      $61,788 and $57,500    

Resistance: $64,850 and $67,000 ATH

Daily

Bitcoin printed a bullish engulfing candle and rallied strongly to $63,710 before retreating, as ALT coins surged. The daily close was still impressive and points to higher price action. There is now a support at $61,788 worth watching and bitcoin is fine while above $60,000. For the bears, a close below $60,000 is required to shake the tree. ETH printed its highest daily candle close of all time. History in the making.


Support:     $61,788 (from march) and $58,500     

Resistance: $64,850 and $67,000 ATH

MA:              50-day $51,377, 100-day $47,568, 200-day $45,308

RSI:              64% - bullish

MACD:         Neutral


Weekly

A great start to the new week after yesterday’s strong weekly close, implying continuation to the upside. Oscillators are in the bullish control zone.


Support:      $60,040 and $54,700

Resistance: $64,850 and $87,000

RSI:              65% - bullish

MACD:         positive momentum - bullish

 

Market Data


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