Bitcoin Pulls Back Above $61k As Bitcoin Trades Marginally – October 30, 2021
From the rejection at the $63,000 high, Bitcoin has fallen to the $61,000 support. Bitcoin is forming a bearish pattern. BTC price is making a series of lower highs and lower lows. In the downtrend, BTC price has made lower highs of $$67,000, $64,000 and $63,000. In the same vein, the downtrend has established lower lows of $60,000 and $58,500. If Bitcoin continues its downward move and prices break the previous low of $58,500, the downtrend will resume. BTC price will further decline to $52,500 low. In the meantime, Bitcoin is hovering above the $61,000 support.
Indian Government May Consider Regulating Crypto as a Commodity
According to the officials from the country’s Finance Ministry, the potential legal framework would treat cryptocurrencies closer to commodities than currencies. Some Indian lawmakers have come to an agreement that this approach would serve as an alternative to an outright ban on digital currencies in the country. India’s Finance Ministry indicated that any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The officials are engaging with the Reserve Bank of India, or RBI, to work out the details of any crypto legal framework.
Today, BTC/USD has fallen to the low of $60,800 but pulled back above $61,000 support as Bitcoin trades marginally . Meanwhile, on October 29 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will fall to level 2.0 Fibonacci extension or $60,794.80.
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