Market News

Bitcoin Analyst Warns of Potential Downward Spiral as Resistance Levels Pose Threat

Analyst, Bitcoin, Downward, Levels, Pose, Potential, Resistance, Spiral, Threat, Warns

As Bitcoin faces resistance, an analyst expresses concern over the potential for a downward avalanche, urging caution in the face of uncertainty.



Bitcoin (BTC) is facing significant selling pressure, according to crypto analyst Nicholas Merten. Merten, known as the host of DataDash, predicts a bearish move for the leading cryptocurrency. His analysis revolves around the persistent resistance that Bitcoin has encountered at a critical channel. Merten believes that if Bitcoin cannot clear through this resistance, it could lead to a substantial downward move. He suggests that this upcoming move may hit harder than any previous resistance faced by Bitcoin. While there is potential for BTC bulls to make a case if Bitcoin breaks through the resistance zone, Merten remains skeptical and sees the approval of a spot market BTC exchange-traded fund (ETF) as a critical factor for such a breakthrough.

In the foreign exchange market, the EUR/USD pair is attempting to recover and breach the 1.0550 resistance level. However, it is currently struggling to rise above the 1.0600 resistance and the 200 simple moving average. On the 4-hour chart, a key contracting triangle is forming, with resistance near 1.0600. A break above this resistance could potentially propel the pair toward the 1.0640 resistance level.

In the cryptocurrency realm, optimism is growing for a particular spot market ETF application, which has garnered more attention than several similar applications recently submitted. False reports of Blackrock ETF approval briefly boosted Bitcoin’s price above $30,000 on October 16, underlining the heightened interest surrounding ETFs. Although this news proved to be inaccurate, it reflects a shift in attitude and sentiment towards crypto assets, with increased focus on institutional participation. Blackrock’s strong track record with previous ETFs continues to fuel optimism in the crypto market.

As of the latest update, Bitcoin’s price on CoinGecko stands at $30,647, reflecting a 2.3% gain in the past 24 hours and a seven-day rally of 10.4%.

  • How Long is 50ft: Exploring the Measurement and Uses of a 50 Foot Measurement

    How Long is 50ft: Exploring the Measurement and Uses of a 50 Foot Measurement

    Have you ever wondered just how long 50 feet really is in human terms? Imagine standing on a football field and trying to envision the distance from one end zone to the other. That’s the length of 50 feet, a measurement that can be hard to grasp without a point of reference. Join me as…

  • Discover the Best Routes: How to Get to San Miguel de Allende with Ease

    Discover the Best Routes: How to Get to San Miguel de Allende with Ease

    San Miguel de Allende, a charming colonial town in Mexico, is a cultural and artistic treasure waiting to be explored. Whether you’re seeking a peaceful retreat, a gastronomic adventure, or simply to bask in the beauty of its colorful streets and historic architecture, getting to San Miguel de Allende is a journey worth taking. Let…

  • Southern California Shooting Rampage Gunman to Face Life in Prison for Deadly Attack

    Southern California Shooting Rampage Gunman to Face Life in Prison for Deadly Attack

    A gunman responsible for a shooting rampage in Southern California is facing the possibility of life in prison. The shooter caused chaos and tragedy in the community, leaving many injured and some fatally wounded. Authorities are working diligently to bring justice to those affected by this senseless act of violence. Stay tuned for more updates…

Leave a Comment

Vegas Golden Knights Foundation and Smith’s Team Up for $20,000 Gas Giveaway in Las Vegas Marriott’s European Expansion: 100 New Hotels, 12,000 Rooms by 2026 Snap Analyst Ratings: 12 Experts’ Viewpoints, Price Targets, and Performance Evaluations Dubai Floods and the Postponement of Token2049 Conference What Happens If You File Taxes After April 15?
Vegas Golden Knights Foundation and Smith’s Team Up for $20,000 Gas Giveaway in Las Vegas Marriott’s European Expansion: 100 New Hotels, 12,000 Rooms by 2026 Snap Analyst Ratings: 12 Experts’ Viewpoints, Price Targets, and Performance Evaluations Dubai Floods and the Postponement of Token2049 Conference What Happens If You File Taxes After April 15?
Vegas Golden Knights Foundation and Smith’s Team Up for $20,000 Gas Giveaway in Las Vegas Marriott’s European Expansion: 100 New Hotels, 12,000 Rooms by 2026 Snap Analyst Ratings: 12 Experts’ Viewpoints, Price Targets, and Performance Evaluations Dubai Floods and the Postponement of Token2049 Conference What Happens If You File Taxes After April 15?