{"id":356776,"date":"2021-10-23T04:00:22","date_gmt":"2021-10-23T01:00:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-consolidation-leans-toward-another-leg-higher\/"},"modified":"2021-10-23T04:00:22","modified_gmt":"2021-10-23T01:00:22","slug":"bitcoin-price-consolidation-leans-toward-another-leg-higher","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-consolidation-leans-toward-another-leg-higher\/","title":{"rendered":"# Bitcoin price consolidation leans toward \u2018another leg higher\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348b14c1b53\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348b14c1b53\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-consolidation-leans-toward-another-leg-higher\/#%E2%80%9CBitcoin_could_be_ready_for_another_leg_higher%E2%80%9D\" >\u201cBitcoin could be ready for another leg higher\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-consolidation-leans-toward-another-leg-higher\/#BTC_is_on_track_to_trade_like_gold\" >BTC is on track to trade like gold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-consolidation-leans-toward-another-leg-higher\/#Short_term_pullback_between_56000_and_59000\" >Short term pullback between $56,000 and $59,000<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price consolidation leans toward \u2018another leg higher\u2019 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>On Oct. 22 Bitcoin (BTC) price entered what some traders predict to be a &#8220;consolidation phase&#8221; as investors lock in profits following a non-stop run-up in price that began on Oct. 1 and saw BTC increase 55% in just three weeks.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that a wave of midday selling on Friday dropped the price of Bitcoin from support at $63,300 down to the $60,000 level. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/dc798e91-19e5-4ae9-b796-cfd6abcb5c60.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s what market analysts are saying about Bitcoin&#8217;s current price action for the short-term.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CBitcoin_could_be_ready_for_another_leg_higher%E2%80%9D\"><\/span>\u201cBitcoin could be ready for another leg higher\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The current price action is seen as a welcome development for crypto market intelligence firm Decentrader, which suggested that \u201cBitcoin is likely to progress higher through Q4 of 2021\u201d thanks in large part to the launch of the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy fund (BTF).<\/p>\n<p>In response to concerns that the top is in for BTC, Decentrader pointed to the history of new all-time highs and highlighted the fact that \u201cthere are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher.\u201d<\/p>\n<p>According to the firm\u2019s analysis, the current Bitcoin fractal pattern suggests \u201cthat the next major stop higher for Bitcoin would be $72,000 if momentum can be maintained, after which the 1.618 extensions suggests around $88,000 would prove to be a target of interest.&#8221;<\/p>\n<p>The spike in derivatives funding seen over the past couple of days has now \u201creset towards more balanced levels\u201d with open interest remaining in line with the uptrend, which Decentrader suggested helps to reduce the risk of correcting lower. <\/p>\n<p>As to analysts, \u201cA weekend push higher is likely to be met with initial resistance at $65,000, which is the 61.8% retracement from $66,800 and the value area high of the range.\u201d<\/p>\n<p>Decentrader said:<\/p>\n<blockquote><p>\u201cPrice is at a critical pivot point at the time of writing \u2013 any corrections towards $50,000 we consider buying opportunities and price <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>reciation into low funding coupled with increasing open interest suggesting Bitcoin could be ready for another leg higher.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"BTC_is_on_track_to_trade_like_gold\"><\/span>BTC is on track to trade like gold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the popular comparisons being made by financial analysts is how the release of a Bitcoin ETF compares to the release of the first gold ETF. <\/p>\n<p>According to Bloomberg Intelligence, \u201cstrong inflows for the new ProShares Bitcoin Strategy ETF show pent-up demand and quantitative traders targeting arbitrage opportunities, which are likely to narrow spreads and pressure volatility.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/531db88e-0ef7-4034-b8d7-166ef1ceebd7.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin futures vs. Gold futures. Source: Bloomberg Intelligence<\/em><\/figcaption><\/figure>\n<p>Bloomberg Intelligence said:<\/p>\n<blockquote><p>\u201cWe see BTC on track to trade like gold.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Analysts hold their $250K Bitcoin price target even as BTC falls below $60K<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Short_term_pullback_between_56000_and_59000\"><\/span>Short term pullback between $56,000 and $59,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into what may come next for BTC in the short term was provided by Cointelegraph contributor Micha\u00ebl van de Poppe, who posted the following chart outlining the lower area of support to keep an eye on for a good re-entry point. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/9ff01cf9-0e5e-471c-907e-50959d123469.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 2-hour chart. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>According to van de Poppe, the $64,000 zone was \u201ca crucial level\u201d for the price to break above, which it failed to do, and \u201cso a corrective move is taking place.\u201d<\/p>\n<p>Poppe said:<\/p>\n<blockquote><p>\u201cOverall, looking at $56,000 to 59,000 as a good spot to buy.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market cap now stands at $2.518 trillion and Bitcoin\u2019s dominance rate is 45.5%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-consolidation-leans-toward-another-leg-higher\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price consolidation leans toward \u2018another leg higher\u2019 &#8221; On Oct. 22 Bitcoin (BTC) price entered what some traders predict to be a &#8220;consolidation phase&#8221; as investors lock in profits following a non-stop run-up in price that began on Oct. 1 and saw BTC increase 55% in just three weeks.\u00a0 Data from Cointelegraph Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":356777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvZWRlZDNmZTctMzc1Ny00MjIzLWEwZmItZDRkYmZkNjEwNzJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74972,74937,74858,74863,74939,73785],"class_list":["post-356776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-bitcoin-regulation","tag-cryptocurrencies","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=356776"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/356777"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=356776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=356776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=356776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}