Weekly Crypto Market Outlook: Bitcoin Hit Resistance Around 60K As Price Prepares For A New Bullish

It will be right to say that the Bitcoin market was engaged in a tight range movement throughout the trading bout of the last week in October. From a technical analysis perspective, we should presume that the entire price action sentiment for the most volatile Altcoin is in preparation for new bullish momentum. With the dip and rise that was presented in the BTC market last week, several investors believe that the reaction of Bitcoin price is meant to neutralise the influx of positive market value the digital currency was in the prior weeks.

And to acknowledge that the value of Bitcoin is aimed at reaching the desired price level of 100K by the end of the year important factors that'll contribute to the Irreplaceable performance of the digital cash are concluded below.

Bitcoin Positive Attractions From The Elites

In a recent summit held by the CEO of Voyager, Shark Tank Star Mark Cuban, and the owner of the NBA team alongside Dallas Mavericks, told the attendees at the conference the benefits of investing in crypto and how they can also get started without any prior trading experience. At the summit, Mark Cuban said, cryptocurrency is an investment strategy that has the most suitable means of getting through it. Unlike the stock market which involves learning the basic principles of trading with charts, cryptocurrency allows you to buy and hold your assets in your digital wallet. However, the outcome of this speech will more often than not result in the positive performance of BTC in the near term as this will serve as a motivating factor for newcomers to see cryptocurrency as the global dominance.

Bitcoin White Paper Clock 13 Years

While every day in the cryptocurrency space is filled with lots of happenings, still this week marks the thirteen years birthday of the Satoshi Nakomoto BTC white paper that was released on October 31st 2008. The white paper was delivered by a cryptography mailing list known as Metzdow, it was reported during the distribution of the white papers that many people often ignore the fact that Bitcoin would become a noteworthy currency in the nearer future, on the other hand, a few percentages of people left their opinions on the proposed idea that was generated by Satoshi Nakomoto. The nine pages white paper released by Satoshi reveals in it, Bitcoin aimed to serve as peer-to-peer digital currency instruments which will be operated in a fully decentralised package.

Bitcoin Technical Analysis

The market structure of Bitcoin has been holding accurately to a bullish bias. While in accordance with the recent price movement that was printed on the price chart last week the value of Bitcoin experienced its lowest dip below 56K on the 28th of October. And with a sharp rise in the price of Bitcoin, it was able to recover the 4K loss and tend to extend its bullish price action to 60K towards the close of the week. A narrow look on the 4 Hour trading chart will see that the digital currency was trading in a bullish flag pattern. Hence further break in the price above the flag pattern will increase the demand for BTC and thus the buying power will skyrocket. As of the time of writing this analysis the present value of Bitcoin is $61712 and to be candid about where the next stop in the price of BTC will be heading to. You will discover that the weekly price chart printed a modest weak volatility condition. To sum up the analysis, weak volatility held captivity over the movement of Bitcoin price, however, this week could likely be a moment of breakthrough for the altcoin.

To conclude

The greed sentiments of BTC has outperformed the fear emotions that surround the negative trading bias involved in buying Bitcoin. Likewise, several financial institutions such as the SEC and El Salvador including crypto enthusiasts are posing positive recommendations for the most volatile digital currency. In a nutshell, it'll be very profitable to think of buying BTC at the moment.

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