Bitcoin (BTC), Ethereum (ETH) – 13th October 2021
Today is Wednesday, 13th October, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Off we go!
Bitcoin is making repeated but unsuccessful attempts to tighten its grip on a new local high, now and then reaching $57,000 and retreating again. BTC was briefly changing hands at around $57,500 before bears pushed bulls back to the $56,000 trading range.
The cryptocurrency is not strong enough to make a new spurt yet. We don’t really know what’s in store for us. Bitcoin maxis will say that any setbacks are unacceptable, however, we have to keep in mind that we also have altcoins to work with.
The psychological resistance zone of $58,000 – $60,000 is just around the corner, and it’s especially strong since it’s so close to BTC’s all-time high. We should be wary of possible local pullbacks because digital assets tend to retest their support levels when met by bears. Yesterday’s pullback to $53,800 is a perfect example of that.
It’s logical to expect correction while bulls gather their strength. However, we have all the reasons to stay positive and believe that Bitcoin will skyrocket once again!
Ethereum doesn’t look too good. At the moment of writing the cryptocurrency is changing hands at around $3,515.
The graph suggests that bears continue to suppress bulls no matter what, so that’s why the altcoin’s price continues to fall.
However, BTC’s behavior indicates that it’s making way for ETH. We’ll just have to wait and see.
Historically, Q4 has been the most interesting and bullish time of the year for cryptocurrencies. It’s almost like September 2021 never happened. Make sure to ride the tide! The next crypto winter might be right around the corner.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.