The weekend failed to ignite bullish momentum from crypto investors and both Bitcoin (BTC) and Ether (ETH) turned down on Oct. 31. The bulls will now try to achieve the third successive weekly close and the first-ever monthly close above the psychological $60,000 level.
$63,000 is another level of interest for traders because the stock-to-flow creator PlanB, projected this level as the “worst-case scenario” for October. In the recent past, PlanB’s worst-case theory was proven to be correct in August and September.
Apart from the near-term interest, investors should remember that Bitcoin was launched on Jan. 3, 2009, at a price of $0.0008 and from there rallied 8,374,999,900% to hit a high at $67,000.
The journey for the hodlers was not easy as there were several gut-wrenching corrections along the way and each time a handful of analysts called for the end of Bitcoin. However, in hindsight, all these dips turned out to be good buying opportunities.
Today marks the 13th birthday of the Bitcoin white paper released on Oct. 31, 2008, paving the way for possibly the biggest financial disruption.
Let’s analyze the charts of the top-5 cryptocurrencies that could attract traders’ attention in the next few days.
Bitcoin has formed a flag pattern but the bulls have not been able to push the price above it. The failure to break the overhead resistance could have prompted selling by short-term traders,