Bitcoin (BTC) Price Prediction – October 30, 2020
For the past 24 hours, Bitcoin has been battling to break the resistance at $13,600. The bulls have retested the resistance zones thrice without breaking it. BTC/USD fluctuates between $13,060 and $13,600.
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
After an unsuccessful attempt to break the $13,800 resistance, the king coin has been confined to fluctuates between $13,060 and $13,600. For the past 48 hours, buyers have been repelled thrice at the $13,600 resistance. The coin will fall to the lower range after each resistance. Nevertheless, the consolidation between $13,060 and $13,600 will continue so that Bitcoin will have a strong breakout that will propel price to break the $13,600 resistance. In the same manner, the momentum will extend to break the resistance at $13,800.
Once the $13,800 resistance is breached, BTC will rally above the $14,000 high. On the upside, BTC must clear the $13,600 and $13,800 resistances to continue the upside momentum. For the past five days, the uptrend has been disrupted by the recent resistance levels. On the downside, if the bulls fail to break the $13,600 and $13,800 resistances, there will be a bearish reaction. The bears will take advantage to break the $13,060 support. This will trigger the price to drop to $12,900 and $12,000 low.
Wrapped Bitcoin (WBTC) Is Now Ethereum’s 6th Largest Token
Wrapped Bitcoin (WBTC) has a market capitalization of $1.58 billion. This figure makes up 80% of the total BTC held in Ethereum. It has also reached an all-time high in terms of market capitalization and the number of tokens. It is reported that WBTC is the most accepted version of Bitcoin for use on the Ethereum network. Currently, it has a record total of 116,885 WBTC, backed by an equal number of BTC held by custodians. Today, WBTC is the Ethereum sixth-largest token by market cap, after Crypto.com Coin (CRO), USD Coin (USDC), Chainlink (LINK), BNB (BNB), and at number one, Tether USD (USDT).
Meanwhile, from the price action, Bitcoin is likely to move up once the resistance is cleared. On October 29 uptrend, BTC was resisted. The retraced candle body tested the 38.2% Fibonacci retracement level. This retracement implies that BTC will rise and reach a high of 2.618 Fibonacci extension level which is $14,693.90 high.