BTCUSD Weekly Outlook – October 29 , 2021

Last Updated on October 29, 2021

Bitcoin Price Forecast

Introduction

Crypto brokers such as Race Option record a new All-Time High as the price of BTC advance beyond the previous ATH it created some months back. 

Many speculate that the recent BTC ETF could draw in more institutional adoption towards the number one cryptocurrency for a price hike followed by a price slump in a similar way as in 2017.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD Monthly chart - 28th Oct 2021

Monthly Resistance Levels: 64854.00,

Monthly Support Levels: 28805.00

The October candle will be remembered for the new high it created in the history of bitcoin digital assets and a new high of 67016 was established before a pullback happened. 

Bitcoin brokers are keen to see how the monthly candle will close because it will tell a lot about the sentiment of the market as investors and other major institutions have shown interest.

Weekly Chart

Weekly Resistance Levels: 67210.00, 64954.50

Weekly Support Levels:  39520.00, 28774.0

The price of bitcoin was able to recover above 100% of its distance from its loss to the sellers some weeks ago before the Bulls and interested participants who believed in the power of bitcoin held on to their bullish position. 

During the previous week, we saw the bitcoin price rise to a new ATH of 67120 before the retracement of the price towards the support level of 59073. Some bitcoin brokers are looking at the 70000-dollar mark before the year ends. It is possible for the asset class to still create new fresh highs, as the coin is attracting more users.

Daily Chart

Daily [D1] Resistance: 66663.40

Daily [D1] Support: 57963.00, 53889.00

Yesterday’s candlestick closed in a hammer shape after the support zone of 59411 was able to reject the seller’s push. However, this has given the buyers some momentum in the market as they dominate the activities going on for now. 

Bitcoin brokers are holding on to their long position despite the pullback because they understand it is just a correction in the uptrend before it created another impulsive swing.

Bullish Scenario:

The new week has started on a bullish scenario as crypto brokers are pushing prices away from the support levels of 59411 on the daily chart.

If the momentum should continue into the weekend, then the Bitcoin pair may hit the ATH it has created.

 Bearish Scenario:

A second retest of the resistance zone of the ATH on the daily chart will determine the fate of the short position traders. If the price of the BTCUSD pair is rejected again, we may see the price close below the 59411 level to go lower. Sellers have to wait for the confirmation.

Bitcoin BTC News Events 

Non-Custodial Dex Platforms on the Rise.

Due to the recent success of bitcoin in the crypto market, non-custodial DEX Platforms continue to expand. Previously, few trading platforms were involved with DeFI (decentralized finance) while there was a large number of digital currencies and blockchains then. 

The crypto industry boom has equally led to an increase in DeFi-decentralized exchange platforms that allow individuals to swap funds in a non-custodial and private manner.

The bigger dex applications are catering to a variety of blockchain networks via cross-chain technology. Among the DEX platforms, we have Curve, Pancakeswap, Sushiswap, and Uniswap which is leading the pack.

Currently, the DeFi ecosystem has seen a rise in demand and popularity over the last 2 years. Many applications and platforms are meeting the needs of traders and liquidity providers. They estimated that over $245 billion in total value is locked in DeFi platforms across blockchains like Solana, Avalanche, Ethereum, Polygon, Binance Smart Chain, and many more. 

In terms of the dex TVL rankings, the number one contender is Curve with $18.21 billion and compatible with about 7 different blockchains. Binance Smart chain (BSC) dex application and Pancakeswap has the second-largest TVL with $5.76 billion across one chain.

BTCUSD Conclusion and Projection

An increase in Bitcoin BTC dominance saw the BTCUSD price breaking the 53K USD level and consequently setting a new all-time high for the number one crypto-asset.

If the BTC price convincingly closes above the new ATH, we shall see another bullish rally, however, rejection from the resistance level from the bearish divergence suggests that the price may fall with time or enter a consolidation phase.

James S. Martin
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