. Daily Crypto Analysis - Bitcoin Investors Resilient Amid $86M Liquidation, ETF Price Volatility

Daily Crypto Analysis – Bitcoin Investors Resilient Amid $86M Liquidation, ETF Price Volatility

Daily Crypto Analysis – Bitcoin Investors Resilient Amid $86M Liquidation, ETF Price Volatility

19 Oct 2023

Introduction:

Bitcoin, in a volatile turn of events, is finding support among resilient holders who weathered an $86 million liquidation. Fuelled by fictitious ETF approval reports, the cryptocurrency surged nearly 10% before retracting to $28,555. Remarkably, Bitcoin investors managed to profit on a day marred by substantial short-sale liquidations, with NUPL hitting a two-month high. In the broader crypto landscape, Ethereum faces constraints as billionaire wallets accumulate a significant portion of ETF tokens, while XRP is poised for a potential rally as investors increase their holdings.

Bitcoin:

Bitcoin to find support from holders that stand unaffected from recent $86 million liquidation.

On the strength of fictitious reports of an ETF approval, the price of bitcoin nearly increased by 10% before reverting to $28,555.

Bitcoin investors made money on Monday even with the $86 million short sale liquidations; the NUPL reached a two-month high.

The increase in the price of bitcoin was good for many people but bad for others who saw short positions liquidated for around $86 million. The general tone of the market, however, is still positive, indicating that Bitcoin holders are still strong.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 28308.17 | Positive Crossover | Bullish
  • MA 20: 27852.68| Positive Crossover | Bullish
  • MA 50: 27504.68| Positive Crossover | Bullish

Simple:

  • MA 5: 28373.07 | Positive Crossover | Bullish
  • MA 20: 27613.08| Positive Crossover | Bullish
  • MA 50: 27523.74 | Positive Crossover | Bullish

RSI (Relative Strength Index): 64.76| Buy Zone |Bullish

Stochastic Oscillator: 49.11 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 28438.62| R2: 29574.49
  • S1: 27544.42 | S2: 26698.56

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 28704.46 | Take Profit: 29574.49 | Stop Loss: 28100.28.

Elsewhere In the Crypto Market

Ethereum price remains restricted as billionaire wallets now hold a third of ETF tokens. XRP price likely to rally as investors grow their holdings.

Bitcoin up (0.4%) at 28442.00, Ethereum down (0.66%) at 1,553.4, Litecoin up (1.43%) at 61.07, Solana up (0.37%) at 24.02, Doge coin down at (0.5%) at 0.58 as of writing time.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 21:30.