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Daily Bitcoin and Crypto Analysis

October 29: Daily BTC Analysis

October 30, 2021

Matt Blom

Bitcoin has finished the week with a strong performance again today, up 2% and looking to break back above $62,000.

Bitcoin has finished the week with a strong performance again today, up 2% and looking to break back above $62,000. Today’s option expiry has passed without incident, and we now head into a weekend trading session where the whole crypto space is feeling very hot. Facebook’s name change and move into the Metaverse has ignited a number of Alt coins, and continues to raise awareness of the potential of crypto to become a part of billions of peoples' lives. Meta’s upcoming Diem offering now seems all too obvious.

MicroStrategy announced that they added an additional 9,000 BTC in the last quarter, which values their sats at north of $7B. I would assume Michael Saylor wishes he had bought more.

This weekend has the makings of mini bull run, the total market cap of crypto sits at $2.63T, just below it’s $2.7B ATH.


Use cases that lead to a far wider adoption of cryptocurrencies are beginning to arrive, the narrative is only just developing and with Meta now leading the way, the future is looking very bright indeed. 

Have a great weekend! 


Technical Analysis

Bitcoin's dip below $58,500 was short-lived. Dip buyers arrived in force to ensure the bears failed in any attempt to further unsettle momentum. The $62,000 level is critical this weekend, a close above and the market is open and free to take another run at its ATH. 

The previous high of $64,890 will be the first test, once overcome, $66,999 is the target. 

 


On the downside, a drop back below $62,000 will frustrate the bulls, but support at $58,500 should once again prevent the bears from making any ground. 

Only a close below $56,600 changes the picture.


Market Data


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