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Wednesday, October 27, 2021

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Bitcoin price risks losing its weekly uptrend as an NFT release sends Tezos to 3-month highs

Bitcoin (BTC) price fell below a weekly closing target critical on September 10 as analysis warned that its multi-week uptrend was in jeopardy.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

BTC price remains $ 1,500 below crucial level

Data from Cointelegraph Markets Pro and TradingView showed that The BTC / USD pair was trading around $ 46,000 on Friday after rejecting the near $ 47,450 level the day before.

That level marks the lower limit of Bitcoin’s uptrend on the weekly chart., one that has continued since mid-July.

Now, the BTC / USD pair needs to get it back, says trader and analyst Rekt Capital, to preserve that trend.

Given that the price of Bitcoin is closer to $ 1,500 below the upper low target at the time of writing, Much work remains to be done over the weekend to ensure a more bullish close by the end of Sunday.

Tezos outperforms the rest

As for altcoins, a curious panorama occurred on Friday, since Investors mysteriously bought many Tezos (XTZ) tokens.

After the standard moves online with most major altcoins, The XTZ / USD pair suddenly started to climb, gaining 24% on the day to become the best performing cryptocurrency. The pair reached $ 6.53, its maximum since mid-May.

XTZ / USD (Coinbase) 1-day candlestick chart. Source: TradingView

Events coincide with the growing Non-fungible token (NFT) interest in Tezos, courtesy of music star Doja Cat, and its blockchain handled 400,000 daily transactions per first time this week.

Meanwhile, the biggest altcoin Ether (ETH) bounced off established support against BTC in a move that had Cointelegraph contributor Michaël van de Poppe raving about it.

“I’m waiting for new highs”, forecast after the ETH / BTC pair reversed higher at 0.071.

ETH / BTC (Bitstamp) 1-hour candlestick chart. Source: TradingView

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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