30s Summary

Bitcoin (BTC) fell below $67,000 after a peak of over $69,000, despite an inflow of $294.3 million into US Bitcoin exchange-traded funds. Observers believe that potential political change in the US could stimulate BTC prices. A popular influencer suggested it could be a good time to buy if Bitcoin drops to between $62,000-$63,000. Meanwhile, the S&P 500 Index and the US Dollar Index (DXY) have seen upward trends. Ether (ETH) and BNB also underwent price fluctuations, with no major movements noted in other cryptocurrencies.

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Bitcoin (BTC) slipped under $67,000 following its strongest close since early June at over $69,000 a week ago. Don’t stress about the fall though – it hasn’t scared investors off. In fact, Bitcoin exchange-traded funds in the US have even seen an increase of $294.3 million on Oct. 21, according to data from Farside Investors.

Normally, after Bitcoin’s price hangs around the same range for awhile, it needs a big push to shake up the price action. Many believe the upcoming US elections could be that spark the market needs. They reckon if former President Donald Trump gets back in the White House, Bitcoin’s prices could really take off.

Meanwhile, despite Bitcoin’s long-term outlook still looking pretty good, the short-term might not be as bright. Popular influencer Emperor told his followers that if Bitcoin’s price drops to between $62,000 and $63,000, it could be the perfect time to buy.

So, are Bitcoin and other cryptos going to bounce back, or are we in for a further dip? We’ve dug into the data to try and figure it out.

In other news, the S&P 500 Index is on an upward trend, but it’s facing a bit of resistance at 5,878. If the price can recover and hit the 20-day exponential moving average (5,774), it could suggest a bullish sentiment and potentially push the index to 6,000 points.

The US Dollar Index (DXY) showed some serious power after breaking out of the 101 level on Oct. 1. Even with the bears trying to tug the price back down below the 103.54 level on Oct. 18, the bulls held firm.

Bitcoin took a sharp dive from the overhead resistance of $70,000, showing that the bears are making moves at higher levels. The zone between $66,500 to $65,000 is likely to act as a support, but if the price does drop below $65,000, Bitcoin could sink to the 50-day SMA ($62,117).

As for Ether (ETH), it successfully broke through the resistance line of a symmetrical triangle on Oct. 20. But, if Ether can bounce back from the 20-day EMA ($2,573) with strength, it could indicate people are buying the dips. If that happens, the bulls will again try to push Ether past the $2,850 resistance and potentially start a rally to $3,400.

BNB had a bit of a struggle on Oct. 21 when it turned down from $612. If the price can bounce from the 20-day EMA ($585) with strength, it could show a positive sentiment. If the bulls succeed in overcoming the barrier at $635, the BNB/USDT pair could speed up toward $722.

With the other cryptos, there were ups and downs as well, but no major movements.

Keep in mind, this isn’t investment advice and trading is risky. Always do your own research before investing.

Source: Cointelegraph