On October 26, Bitcoin (BTC) was able to compensate for the lost value by a 36 percent increase to 10,000 for the first time since September 22. Since October 23, bitcoin has fluctuated in the $ 7,000 range but now has a remarkable 24-hour bitcoin of $ 9,500. This is the fourth largest Bitcoin increase in history and the largest since 10th of May, according to one commentator.
This sudden rise in prices has led to many speculations. Some attribute it to the encouragement of Chinese President Xi Jinping to the development of blockchain. Others may attribute it to the increased success of Bakkt, which suggests that there are 1,179 Bitcoin futures traded so far. But there are speculations that news about the invention of Google’s quantum computer has led to further price drops. In contrast to recent news that Vitalik Buterin said Google’s quantum computer could not yet be a threat to the currency industry.
Technical analysis of prices
Some traders had predicted that a return to the long-term support of $ 6,500 would have led traders such as Scott Melker and Michaël van de Poppe to a series of upside divergences in the 4-hour and daily timeframe. Investors believed that a rapid uptrend would occur at $ 7,700 to $ 7,800, and sellers were expected to create short positions above this range and eventually lower bitcoin prices. The mid-range is $ 7,000 or $ 6,000.
Obviously, this is exactly what has not happened, and the short pressures, coupled with the first 16% bitcoin from $ 7,450 to $ 8,600, have led to $ 150 million in BitMEX liquidity. Following such a vigorous move, the merger was around the $ 8,300 to $ 8,500 range that other traders had in mind. But in the face of disbelief, bitcoin buyers packed enough steam for a final tournament and pushed the bitcoin price above $ 8,800 to settle at 10,540.
What are the next steps?
As shown in the daily chart, bitcoin lowered its rise to $ 7,400, revised to a 61.8 percent Fibonacci retracement, and then moved to 111, 128, and 200 moving averages. The visible market size range indicates that the price has been able to break through numerous resistance levels to $ 10,542, the highest since September 6. According to the daily chart, the price climbs to $ 10,970 and $ 11,500 and then to $ 12,000. If Bitcoin can hit $ 12,000 in the coming weeks, it will almost certainly be the way to go. But the current level of resistance seems to have been able to restrain further price hikes.