October has been a historically bullish month for Bitcoin but with the slow start to the month which proceeded into the last week of the month, it is understandable why a deviation from the norm was expected. However, this sentiment was quickly erased as the crypto market had taken a positive turn on Tuesday. By the close of the trading day on Wednesday, BTC\u2019s price had surpassed $20,000. But what does the rejection at $21,000 say?<\/p>\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<\/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\n
BTC holding support at $20,500 | Source: BTCUSD on TradingView.com<\/a><\/p>\n What\u2019s 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<\/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<\/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<\/p>\n Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n October has been a historically bullish month for Bitcoin but with the slow start to the month which proceeded into the last week of the month, it is understandable why a deviation from the norm was expected. However, this sentiment was quickly erased as the crypto market had taken a positive turn on Tuesday. By the close of the trading day on Wednesday, BTC\u2019s price had surpassed $20,000. But what does the rejection at $21,000 say?<\/p>\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<\/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 BTC holding support at $20,500 | Source: BTCUSD on TradingView.com<\/a><\/p>\n What\u2019s 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<\/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<\/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<\/p>\nBitcoin Fails To Beat $21,000<\/h2>\n