BTC price fell below $62,000 on VanEck Bitcoin ETF launch day


Bitcoin (Bitcoin) Fell below $62,000 on October 26 because the launch of the third US regulated exchange-traded fund (ETF) failed to change the horizontal price trend.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC’s USD 61,600 support target

Data from Cointelegraph Markets Pro with Transaction view As the US market opened on October 26, BTC/USD hit daily lows.

The latest ETF VanEck Bitcoin Strategy ETF (XBTF) encountered a very different sentiment that day, as Bitcoin seemed indifferent to the prospect of new institutions participating.

Last week’s ProShares Bitcoin Strategy ETF soars, Which ended with a new all-time high for BTC/USD, these are still unparalleled, as the correction challenged the $60,000 support level.

At the time of writing, $62,000 has formed an unstable focus, which is still in line with the latest price predictions of popular analysts.

“BTC’s drop to approximately $61,600 (orange level) will be a natural price increase,” Rekt Capital Comment Next to it is a new price chart.

“Holding will be a sign of strength on the buyer’s side.”

BTC/USD summary.Source: Rekt Capital/Twitter

With the support of recent trends, people’s expectations for retesting of historical highs are still high, and the research believes that As low as 50,000 USD The overall bullish trajectory will still be maintained.

As Cointelegraph reported, even The closing price in October is expected to be approximately US$63,000, Giving Bitcoin room to track laterally for a longer period of time before pressure increases.

Analyst PlanB, who called $63,000 as the “worst-case scenario” of the monthly closing price, announced that this week has officially entered the second phase of the 2021 bull market.

Altcoins due to the “copy and paste” of the early bull market

The behavior of the main altcoins on the day was also tentative, Ethereum (Ethereum) US$4,150 remains unmoved.

related: GBTC’s return was higher than Bitcoin ETF last week

The top ten cryptocurrencies by market capitalization have also been flat in the past 24 hours-for an asset group characterized by volatility this month, this is a rare collective calm.

Cointelegraph contributor Michaël van de Poppe “We knew this structure from earlier, and before we started moving on, we also retested it.” Said In his latest YouTube update.

He predicted a “copy-and-paste” scenario of earnings from the beginning of 2021, but despite this, the timeline is still unpredictable.

He added: “The upside is usually higher than what you expected.”

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView