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{"id":508113,"date":"2022-10-27T11:00:43","date_gmt":"2022-10-27T11:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=508113"},"modified":"2024-06-11T06:49:17","modified_gmt":"2024-06-11T06:49:17","slug":"bitcoin-fails-to-break-21000-is-uptober-still-in-play","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-fails-to-break-21000-is-uptober-still-in-play\/","title":{"rendered":"Bitcoin Fails To Break $21,000, Is Uptober Still In Play?"},"content":{"rendered":"

Bitcoin Fails To Beat $21,000<\/h2>\n

Even with the momentum of the past two days, bitcoin had met a harsh rejection at the $21,000 level. Bears had quickly mounted resistance at this point and the shorts in the market in anticipation of a downward correction had helped to fuel this resistance.<\/p>\n

So now, even if the outlook for bitcoin remains very bullish, $21,000 is currently the point to beat, which would be easy pickings in a bull given the recent rally. However, the crypto market has stunted the growth of digital assets, and investors remain very wary despite the market gains.\u00a0<\/span><\/p>\n

The next step would be for bulls to strengthen support at $20,500 in anticipation of the next retest. Because if bitcoin faces such a strong rejection at $21,000 once more, bears will likely try to pull the price back down to $20,000. At this point, the next support level lies just below $20,200, which is not as strong as the support at $20,500.<\/p>\n

$\"Bitcoin$ <\/p>\n

BTC holding support at $20,500 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

What’s Next For BTC?<\/p>\n

The rejection at $21,000 has not phased the market much given the euphoria of the digital asset finally beating $20,000 once more. Instead, the bulls have now come out of the woodwork and optimistic forecasts are flying around.<\/p>\n

Jim Messina, ex-US President Obama\u2019s Chief of Staff has been one of the most bullish during this time. Messina appeared<\/a> on Fox News where he said that he expects the digital asset to actually reclaim the $60,000, saying he would bet his Porsche on it. It follows bullish forecasts from others in the space such as ARK Invest\u2019s Cathie Wood who put the digital asset at a price of $1 million apiece in the next 8 years<\/a>.\u00a0<\/span><\/p>\n

However, it is important to note that bitcoin\u2019s trading volume is on the decline in the last 24 hours, which could suggest a quick burn-off of the recent spark. Such declines in momentum can be detrimental especially in periods of short-term growth as has been recorded. The next possible point for bitcoin would be to try to break above $21,000 once move. But if this does not happen, it is possible to see the digital asset below $20,000 once more.\u00a0<\/span><\/p>\n

On a more positive note, the sell-offs in BTC have receded in the last two days. Bitcoin\u2019s move above its 50-day moving average has turned indicators for the short-term green and there is now mounting buy pressure that is expected to continue into the weekend.<\/p>\n

Featured image from MARCA, chart from TradingView.com<\/pre>\n

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