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Even After the OKEx scandal, there is still Bitcoin price breakout

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Crypto Business World

CBW -External Analyst

INDIA

Oct, 23 2020

Oct, 23 2020

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In recent times, the price of Bitcoin breakout has come out with the bullish energy being lost. The price of $11.7K a week before; however, the current price can offer different opportunities for the swing traders. A week earlierBitcoin price had entered the bullish breakout, amounting to $11,725 after Square's new purchases for $4,709 BTC had come. However, post this, the price has slumped down in a side wat range. There had been many rejections close to $11,500. Besides, the halting of OKEx news, which came out recently for all the withdrawals while EO cooperating with an investigation being made by Chinese authorities, has also been weighing on Bitcoin price. 


This negative news has even polled out so many altcoin prices in the red zone while extinguishing the new found momentum of bullish displayed by Bitcoin. The routine frame had even warned out the loss of $11,200, which is likely to open the door for retesting the price amounting to $11000. This is an excepted level for reding in the VPVR ago and is more likely to give further fall of $10,900. As per Michael van de Poppe, there has been tremendous support, which is being made at $11,000 and is now the must holding level to start with the bullish momentumThere are possible chances for the difficulties to be found, which can help clear the current levels; mostly, the renewed coronavirus lockdowns have already scared the investors. 


Further, he also suggested that bitcoin, which loses the $110000, is likely to face the price fall of less than $10K to the 200-MA. No doubt that the price action currently is disappointing to the bulls who wish to look for a retest to be done for $12K, but it has been taking a birds-eye view shows. This is likely to highlight different factors that are in favor of Bitcoin. Square and MicroStrategy have also recently profound the BTC allocation, which is positive. They have taken the uncertainties of the economy that has been existing due to pandemic crises. Besides, there are also surging volumes at Multiple BTC future exchanges that have even reached a new BTC delivery record, which is high. 


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Crypto Business World

CBW - External Analyst

INDIA

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