Baxia Markets
October 13, 2021

Bitcoin facing resistance at 60k, hints at dip-buying opportunity

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As of 10:07 a.m. in London, the largest cryptocurrency was trading little changed at above $57,000, just $7,700 shy of its April high. A recent gain in digital currencies such as Bitcoin and second-placed Ether contrasts with the struggles of assets such as stocks, bonds, and gold amid recent market concerns. According to Vijay Ayyar, head of Asia Pacific at crypto exchange Luno in Singapore, record highs for Bitcoin are possible, possibly around $80,000 to $85,000, based on chart trends. In the short term, $50,000 serves as an approximate floor for the virtual money, he noted.




Meanwhile, as Cointelegraph observed, analysts are split on when a potential correction would occur and how far it will go. Bitcoin is keeping investors guessing as it grinds towards all-time highs, with prices as low as $45,000 still in play despite a lack of general selling demand. "From a macro perspective, BTC is preparing for the second half of its cycle. That said, trader and analyst Rekt Capital reasoned Tuesday that $BTC is approaching its final key barrier area before fresh All-Time Highs. "In the immediate run, this resistance area might be significant. But it won't in a few months.”


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