Bitcoin (BTC) is presently trading at $11,077.
Analysts had anticipated a bigger pullback following the two negative events in early October but BTC resiliency left most pleased. a further climb to $11k lifted sentiments into optimism. $10,500 is regarded as the most critical level due to being a historically important support level in both the current and previous price cycles.
A pseudonymous trader “Light” stated that the near-term recovery of BTC is positive while opining that BTC was already bullish in its structure before the square event. He also believes that BTC recovery may be extended in the near term.
Michael van de Poppe, a trader at the Amsterdam Stock Exchange stated that Bitcoin may need to breach the $11,000 to $11,200 resistance range before a further climb. He also stated the chances of BTC seeing a low-volatility range between $10,500 to $11,200 in the nearest future and that BTC is likely in the early phase where smart money and institutions are starting to pour in.
In the near term, traders expect BTC price after retesting the $11,000 key level to range between $10,500 to $11,000. In the medium term, analysts expect an impending breakout above $11,000 stretching to $13,000. The significance of the $13k level is seen as a pseudonymous trader “Salsa Tekila” noted that $13,000 is the roadblock to an all-time high as indicated from previous macro price trends. BTC bullish scenario largely depends on how it reacts above the key $10,500 level. If this support falters, then the sentiment could change but on the whole, traders remain neutral and optimistic.
Cryptocurrency trader Cantering Clark opined a major price movement is imminent as BTC volatility which reached lows of 20% could spike in the months ahead.
XRP has struggled in comparison to other crypto assets, but a signal is indicating that this narrative may soon be bygone.
XRP/USD Daily Chart
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