BTC/USD Rebounds Above $58k as Bitcoin Resumes Upside Momentum
Bitcoin Sustains Recent Rallies as Bitcoin Resumes Upside Momentum – October 28, 2021
Today, BTC/USD rebounds above the $58,000 support as Bitcoin resumes upside momentum. On the other hand, if the bears have broken below the $58,000 support, sellers would have sunk Bitcoin to the low of $51,000. As Bitcoin makes positive moves, buyers have an uphill task to push Bitcoin above the previous highs of $64,000 and $67,000.
Resistance Levels: $60,000, $65,000, $70,000 Support Levels: $50,000, $45,000, $40,000
Following the recent breakdown on October 27, BTC’s price consolidated above the $58,000 support for two days before the upside momentum. The cryptocurrency has risen to the high of $61,780. Bitcoin is approaching the overbought region. It is likely to face another rejection at the $62,000 high. Nevertheless, buyers have an uphill task to push BTC prices above the $64,000 and $67,000 resistance levels. If buyers push the BTC price above the resistance levels, BTC/USD will rise above the $70,000 price levels. The bullish momentum will extend to the high of $75,000. Conversely, if the bulls fail to breach the resistance levels, the crypto will be compelled to a range-bound move between $58,000 and $64,000.
El Salvador Added 420 Additional BTC to the Nation’s Stash
El Salvador has purchased more BTC to the recent price fall. The current purchase brings the Latin American nation’s stash to about 1,120 BTC which is worth about $87.4 million. The value of 420 BTC is about $24.6 million. According to the breakdown of BTC purchase, On September 6, El Salvador first purchased two batches of 200 BTC. A day later 150 BTC was purchased. On September 19, another 150 BTC was purchased, which brought the country’s total holdings to 700 BTC. According to President Nayib Bukele, they took advantage of the recent Bitcoin (BTC) price drop and added 420 additional BTC to the nation’s stash. He said: “It was a long wait, but worth it,” “We just bought the dip!”
Today, BTC/USD has resumed upward as price rallied to $61,780 as Bitcoin resumes upside momentum. Buyers are retesting the $62,000 high to break above it. A break above the recent high will push Bitcoin to retest the $64,000 high. However, the current uptrend has invalidated the Fibonacci tool analysis. If the bears have broken below the $58,000 support, the market will decline to level 2.0 Fibonacci extension or $52,902.10.
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