BITCOIN ANALYSIS TODAY (October 28) - BULL TRAP ???
Despite great efforts, Bitcoin's upward momentum has been blocked, making the leading virtual currency's price unable to break above $21,000. According to CoinMarketCap data, the Bitcoin price in the past 24 hours had a time when it broke through the $21,000 threshold, but this price did not hold for long.
Bitcoin (BTC) moved closer to the $20,000 region on October 27, with the market showing signs of weakness after setting a 6-week high.
The Dow Jones Industrial Average rallied on Thursday (October 27) after new data showed that GDP growth in the US in the third quarter was stronger than expected, which suggests inflation is weakening, thereby encouraging investors. invest in stocks related to the state of the economy.
Data from TradingView shows that BTC/USD has lost the $20,500 mark after a period of sideways movement above this area, establishing a local bottom at $20,160.
Analyzing the weekly BTC/USD chart, FOMO TRADE has marked the area just below $21,000 as the key area that Bitcoin needs to win back in order for the uptrend to continue.
With Bitcoin's bullish momentum gradually waning, the altcoin market is also showing a slight correction.
Toncoin (TON) is the project with the biggest drop in the top 100, evaporating more than 14% on the day. However, on the weekly timeframe, this project still shows a return of more than 20%. EthereumPoW (ETHW), Aptos (APT), Quant (QNT), Chiliz (CHZ), Cardano (ADA)… recorded a loss of 5-9% in the last 24 hours.
However, there are still some altcoins with outstanding intraday performance, despite BTC's correction momentum. Typically, Klaytn (KLAY) when this project bounced up more than 18% yesterday, bringing the total weekly growth of KLAY to nearly 90%.
Bitcoin (BTC) moved closer to the $20,000 region on October 27, with the market showing signs of weakness after setting a 6-week high.
The Dow Jones Industrial Average rallied on Thursday (October 27) after new data showed that GDP growth in the US in the third quarter was stronger than expected, which suggests inflation is weakening, thereby encouraging investors. invest in stocks related to the state of the economy.
Data from TradingView shows that BTC/USD has lost the $20,500 mark after a period of sideways movement above this area, establishing a local bottom at $20,160.
Analyzing the weekly BTC/USD chart, FOMO TRADE has marked the area just below $21,000 as the key area that Bitcoin needs to win back in order for the uptrend to continue.
With Bitcoin's bullish momentum gradually waning, the altcoin market is also showing a slight correction.
Toncoin (TON) is the project with the biggest drop in the top 100, evaporating more than 14% on the day. However, on the weekly timeframe, this project still shows a return of more than 20%. EthereumPoW (ETHW), Aptos (APT), Quant (QNT), Chiliz (CHZ), Cardano (ADA)… recorded a loss of 5-9% in the last 24 hours.
However, there are still some altcoins with outstanding intraday performance, despite BTC's correction momentum. Typically, Klaytn (KLAY) when this project bounced up more than 18% yesterday, bringing the total weekly growth of KLAY to nearly 90%.