Add as a preferred source on GoogleBitcoin Could Fall Toward $70,000 After a Close Below About $81,000
In the week before Oct. 22, Bitcoin briefly fell below the level and recovered. It also limited a May rebound before the market fell sharply.
As of Oct. 22, Bitcoin (BTC) is again testing an ETF holdings cost-basis level near $81,000, and a close below it could put the $70,000 range in view.
The level represents the approximate cost basis of ETF holdings. Bitcoin briefly slipped below it the previous week before recovering. The downside scenario depends on Bitcoin effectively closing below the mark, rather than a temporary dip beneath it.
The same level limited Bitcoin's rebound in May, before the market fell sharply. Weighted Bitcoin cost bases can map nearby support and resistance.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.