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Bitcoin (BTC) Price Prediction: BTC/USD Sustains Recent Rallies as Bitcoin Holds Above $60k

The Crypto Continues Bullish Run as Bitcoin Holds Above $60k – October 18, 2021

On October 17, BTC/USD retraced to $59,000 support and resumed upward as Bitcoin holds above $60k. Today, the BTC price has risen and it is retesting the $62,900 resistance zone. Buyers are attempting to retest or break the recent high. The upside momentum will resume if the bulls break above the current resistance at $62,900.

Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000

Bitcoin (BTC) Price Prediction: BTC/USD Sustains Recent Rallies as Bitcoin Holds Above $60k
BTC/USD – Daily Chart

Today, Bitcoin has resumed the upside momentum after a minor retracement. BTC price would have fallen to $54,000 low if the bears have broken below the $59,000 support. BTC/USD is trading at $62,165 at the time of writing. Bitcoin will rally above $70,000 if buyers sustain the bullish momentum above the $62,900 resistance level. All the price indicators have shown the overbought condition of Bitcoin. It is unclear if the bulls would be able to sustain BTC prices above the recent high. Moreover, if the resistance at $62,900 remains unbroken, Bitcoin will be compelled to a range-bound move between $59,000 and $62,500. Bitcoin is at level 73 of the Relative Strength Index period 16. The cryptocurrency has no room to rally on the upside. However, in a strong trending market, the overbought condition may not hold.

Brazilian Toddler Earns 6,500% Profit on Her Bitcoin Holding

João Canada is the founder of a Brazilian crypto exchange, Foxbit. In 2017, Joao gave his newborn daughter, a gift of 1 BTC which was roughly $915.80. According to the father, he said: “As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her, not just as a gift, but as a way of investing in this new economy. At the time, BTC cost 5,000 Brazilian Real.” He noted that the BTC investment returned over 6,500% profit four years later. Also, he indicated that investors have the opportunity to buy Bitcoin for under $1000 in 2017.

 Bitcoin (BTC) Price Prediction: BTC/USD Sustains Recent Rallies as Bitcoin Holds Above $60k
BTC/USD – 4 Hour Chart

Meanwhile, today the upward move has been stalled again at the $62,500 resistance zone as Bitcoin holds above $60k. On the downside, if Bitcoin faces rejection at the resistance zone and price breaks below the 21-day moving average, the market will decline to $57,000 support. Nevertheless, buyers are still pushing BTC price to retest the $62,900 resistance level.

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Microstrategy Buys 7,002 More Bitcoins, Growing Crypto Stash to 121,044 BTC

Microstrategy has purchased 7,002 more bitcoins, growing its cryptocurrency stash to 121,044 coins. CEO Michael Saylor says, “Bitcoin is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.” Microstrategy Now Has 121,044 Bitcoins in Its Treasury The Nasdaq-listed company Microstrategy has purchased::Listen

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Microstrategy has purchased 7,002 more bitcoins, growing its cryptocurrency stash to 121,044 coins. CEO Michael Saylor says, “Bitcoin is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.”

Microstrategy Now Has 121,044 Bitcoins in Its Treasury

The Nasdaq-listed company Microstrategy has purchased 7,002 more bitcoins. CEO Michael Saylor tweeted Monday:

Microstrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per bitcoin. As of 11/29/21 we hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin.

At the time of writing, the price of bitcoin is $57,095.58 based on data from Bitcoin.com Markets. This means Microstrategy’s bitcoins are now worth more than $6.9 billion.

Recently, Saylor discussed bitcoin becoming a $100 trillion asset class. He noted that bitcoin is winning against gold, asserting that “digital gold is going to replace gold this decade.” The bitcoin market cap is currently around $1.11 trillion.

In addition, the Microstrategy executive said he is not at all troubled by regulation that is being discussed in Washington, noting that it will affect security tokens, decentralized finance (defi) exchanges, crypto exchanges, and other use cases of cryptocurrency that are not bitcoin. In his opinion, “bitcoin is unstoppable as digital property.”

On Friday, Saylor tweeted, “Bitcoin offers better inflation protection than gold and is growing faster than big tech.” He believes that BTC “is the only property you can truly own, as well as the first technology capable of granting property rights to everyone on earth.” He emphasized, “In time, we will come to understand that it is concentrated energy in digital form and critical to the progression of our civilization.”

Commenting on reports that the Indian government may be seeking to prohibit cryptocurrencies, such as bitcoin and ether, the Microstrategy boss opined:

Bitcoin is digital property and is going to be adopted as a store of value asset in every nation that allows citizens to own private property.

In contrast, Saylor explained that “A stablecoin is digital currency for use as a medium of exchange and will be issued by chartered banks.”

What do you think about Microstrategy’s bitcoin purchase? Let us know in the comments section below.

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Bitcoin (BTC) Price Prediction: BTC/USD Sustains Recent Rallies as Bitcoin Holds Above $60k

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