Bitcoin has been on the rise with the start of the new month. The first week of October brought with it good tidings as top cryptocurrencies in the market had begun to rally for the first time in weeks. Bitcoin hit a new 4-month high on Friday with its break above $56K. Bulls have set their eyes on new all-time highs before the end of the year and CEO of Galaxy Digital Mike Novogratz has echoed this sentiment.

New Investors Holding Up The Market

Billionaire Mike Novogratz was on CNBC’s “Squawk Box” to talk about the crypto market. Novogratz said that new investors were the reason bitcoin and ethereum price had held their high value. New investor enthusiasm has been on the rise since the bull market first slid into full gear at the beginning of 2021. But the recent turn of events in the crypto market has triggered a new wave of entrants into the space.

Novogratz puts the current crypto global wealth percentage at 0.5%, only a small number compared to other financial markets. Nonetheless, an impressive percentage is given that the crypto market is yet to enter its teenage years. The billionaire expects the percentage to rise well above 0.5% as more investors move into the crypto space.

Speaking of new investors coming into the market and holding up the prices, the billionaire had this to say; “It’s holding because of just new money coming in. There was $17 billion of new venture capital that went into the first half of the year. It’s just a tremendous inflow of both talent and money.”

Expecting A Parabolic move

Novogratz’s firm Galaxy Digital is a well-known investor in the blockchain and cryptocurrency industry. Given this, the billionaire has always been bullish on the crypto market and has been vocal about his bullish stance. During his interview, the CEO revealed that he was expecting the crypto market to break new all-time highs through the fourth quarter of the year.

“Not to sound like the ever bullish guy that I sometimes am accused of being, but I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all the crypto going into the fourth quarter.”

Novogratz explained the reasoning behind his prediction using a racehorse analogy. He compared the movement of the crypto market to “the horse that turns the corner at the end” that ends up winning the race.

Oct 11th, 2021 03:01:58

he crypto market and analysts are pretty confident about the arrival of the first Bitcoin ETF in the U.S. ahead of this month. It has been years of waiting for the crypto community and any such approval can lead to a 2017-like bull run in the BTC price.

As per the latest Bloomberg report, there’s every possibility that four Bitcoin ETFs could be coming ahead this month. SEC Chairman Gary Gensler has recently suggested a possibility of getting a Bitcoin ETF that tracks Bitcoin futures. Meaning, these ETFs will hold bitcoin futures offered by the CME Group rather than the underlying asset.

Thus, Bloomberg reports that there are four such Bitcoin Futures ETF proposals that can get the SEC greenlight ahead this month. James Seyffart, an ETF analyst with Bloomberg Intelligence said:

“We are pretty bullish on approval here. We just can’t see Gensler and the SEC going out of their way to state positive comments about a 1940-act Bitcoin futures ETF at the end of September and then denying all of them less than a month later.”

ProShares Bitcoin Futures ETF first In the Line

If the SEC follows the usual process without discriminating between different products, the Bitcoin futures ETF application from ProShares could be the first to get the SEC nod. The ProShares application has a clause that would allow its funds to hold other Bitcoin instruments.

Another player in the line that holds a good chance of getting the Bitcoin futures ETFs approval is Valkyrie Investments. Unlike ProShares, the proposed ETF from Valkyrie will only hold bitcoin futures. Speaking to Bloomberg, Nate Geraci, president of the advisory firm the ETF Store said:

“Given that ETF issuers have been tirelessly pursuing Bitcoin ETFs for over eight years now, it seems somewhat disingenuous for the SEC to encourage more filings at this point only to disapprove them. Approving futures-based Bitcoin ETFs seems like an easy way for the SEC and Chair Gensler to get a ‘win’ in terms of appearing forward-thinking on crypto.”


As of press time, Bitcoin is trading at $54,575 with a market cap of $1.028 trillion. If the SEC approves a Bitcoin ETF, BTC has a high chance of going to $100K by the end of this year.

Oct 11th, 2021 03:01:16

Ethereum extended its rally towards the $3,650 level against the US Dollar. ETH price is correcting gains, but dips are likely to remain limited below $3,500.

Ethereum started a fresh increase above the $3,600 resistance level.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There was a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase as long as it is above the $3,500 level.

Ethereum Price Remains Supported

Ethereum remained in a positive zone above the $3,500 resistance zone. ETH was able to climb above the $3,600 level and the 100 hourly simple moving average.

The price even spiked above the $3,600 level, but there was no upside continuation. Ether traded as high as $3,652 before it started a downside correction. There was a break below the $3,600 level. The price traded below the 23.6% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high.

There was also a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD. The price is now consolidating near the $3,550 level. An immediate resistance on the upside is near the $3,580 level. The first major resistance is near the $3,600 level.

The next major resistance is near the $3,650 level, above which the price might accelerate higher. In the stated case, the price may possibly rise towards the $3,700 level. The next key resistance could be $3,800. Any more gains could lead the price towards the $3,880 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,600 and $3,650 resistance levels, it could extend its decline. An initial support on the downside is near the $3,550 level.

The first key support is now forming near the $3,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high. Any more losses could lead ether price towards the $3,450 support zone.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,650

Oct 11th, 2021 03:00:30

Investor interest in Ethereum is no longer a novel phenomenon. The second-largest asset by market cap has seen more support with the rise of decentralized finance on its ecosystem. Applications of Ethereum have been the major drive behind the growth of the cryptocurrency and institutional and individual investors alike see the asset outgrowing number 1 coin Bitcoin in the coming years.

A recent CoinShares survey has echoed the sentiment that has been held by investors in the market for a while now. It showed that number of investors who believe Ethereum is set to outpace Bitcoin is over twice the number of investors who are bullish on the growth of bitcoin. Lately, investors have been moving out of their bitcoin positions in favor of ethereum, and the CoinShares survey shows that this might only be the beginning.

Investors Want Ethereum

The CoinShares survey shed light on investors’ sentiment around the top crypto projects in the market. When asked, 42% of respondents said that they saw the most compelling growth outlook for Ethereum. While 18% said that they saw a compelling growth outlook for bitcoin. The survey showed that Ethereum was regarded as the project to grow the most in the coming years.

This does not although take away anything from bitcoin. Blockchain structuring has allowed Ethereum to be at the forefront of one of the most important investment spaces in crypto; the DeFi market. The bitcoin blockchain is gearing up to compete in this space against the likes of Ethereum and Solana with the launch of smart contracts on the network. Expanding the crypto-asset’s utility beyond just its monetary policy.

Investors Reveal Reasons For Investing

When asked what the biggest motivator for investing in cryptocurrencies was, the top answer was surprisingly not the value of the assets themselves or even diversification. 35% of respondents said that they were investing in the market because the assets were speculative. Only 25% said they used cryptocurrencies as a way to diversify their portfolios. With about 15% investing for the value of the assets.

Respondents also said that regulation, restrictions, and volatility were the biggest hindrance to investing in the crypto market. Regulation also made the top when respondents were asked about the key risks associated with digital assets. A combined 58% said government bans and regulations currently pose the biggest threat to the digital assets market.

Despite growing interest from institutional investors, individual investors still dominate the cryptocurrency market. 45% of investors said they were invested in the market individually. While Europe and the Middle East possess the largest amount of domiciled funds, with about 70% saying their funds were domiciled in the region.

Oct 11th, 2021 02:59:45

Bitcoin started a downside correction from the $55,700 zone against the US Dollar. BTC is correcting lower, but dips remain supported near $53,000 and $53,200.

Bitcoin started a downside correction from well above the $55,500 level.
The price is now trading above $53,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the bulls are likely to remain active near $53,000.

Bitcoin Price Corrects Lower

Bitcoin price remained in a positive zone above the $52,000 resistance. BTC even broke the $55,000 resistance level and settled above the 100 hourly simple moving average.

However, the price failed to continue higher above the $55,700 zone. A high was formed near $55,770 before there was a downside correction. The price corrected lower below the $55,200 support level. The price even traded below the 23.6% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high.

There was also a break below a key bullish trend line with support near $53,100 on the hourly chart of the BTC/USD pair. An immediate support on the downside is near the $53,500 level.

On the upside, an initial resistance is near the $54,500 level. The first major resistance is near the $55,000 level, above which the price could accelerate higher. The next major resistance sits near the $55,500 level. Any more gains could set the pace for a move towards the $58,000 level.

Dips Limited In BTC?

If bitcoin fails to clear the $55,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $53,500 level. The first major support is now forming near the $53,100 level.

The next major support is near the $53,000 level. It is near the 50% Fib retracement level of the upward wave from the $50,365 swing low to $55,777 high. Any more losses could open the doors for a move towards the $52,500 level. The next key support sits near the $52,000 level.

Technical indicators:

Hourly MACD – The MACD is now moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $53,500, followed by $53,000.
Major Resistance Levels – $54,500, $55,000 and $55,500.

Oct 11th, 2021 02:58:58

Ethereum extended its rally above $3,600 level against the US Dollar. ETH price is consolidating gains and it might surge again if it clears $3,575.

Ethereum started a fresh increase above the $3,550 resistance level.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There is a short-term bearish trend line forming with resistance near $3,575 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise as long as it is above the $3,420 support zone in the near term.

Ethereum Price Remains In Uptrend

Ethereum extended its increase above the $3,500 resistance zone. ETH was able to climb above the $3,550 level and the 100 hourly simple moving average.

During the increase, there was a break above a key bearish trend line with resistance near $3,475 on the hourly chart of ETH/USD. The pair even cleared the $3,600 zone. A high is formed near $3,628 and it is now correcting gains.

Ether corrected lower below the $3,600 level. It traded below the 23.6% Fib retracement level of the recent wave from the $3,343 swing low to $3,628 high.

It is now consolidating near the $3,500 zone. An immediate resistance on the upside is near the $3,550 level. The first major resistance is near the $3,575 level. There is also a short-term bearish trend line forming with resistance near $3,575 on the same chart.

The next major resistance is near the $3,600 level, above which the price might accelerate higher. In the stated case, the price may possibly rise towards the $3,700 level. The next key resistance could be $3,800.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,550 and $3,575 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,500 level.

The first key support is now forming near the $3,480 level. It is close to the 50% Fib retracement level of the recent wave from the $3,343 swing low to $3,628 high. Any more losses could lead ether price towards the $3,425 support zone and the 100 hourly simple moving average.

Oct 11th, 2021 02:57:58

Bitcoin extended its rally above the $55,000 resistance against the US Dollar. BTC could correct lower, but the bulls might aim more gains towards $60K.

Bitcoin climbed higher above the $52,000 and $54,000 resistance levels.
The price is now trading above $53,000 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $53,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise above the $55,500 and $56,500 resistance levels in the near term.

Bitcoin Price Extends Rally

Bitcoin price started a strong increase above the $50,000 resistance. BTC even broke the $52,000 resistance level and settled above the 100 hourly simple moving average.

The upward move was such that the price broke the $53,200 resistance. It even spiked above the $55,000 level. A high is formed near $55,770 and the price is now consolidating gains. An immediate support on the downside is near the $55,000 level.

It is close to the 23.6% Fib retracement level of the upward move from the $50,366 swing low to $55,777 high. There is also a connecting bullish trend line forming with support near $53,000 on the hourly chart of the BTC/USD pair.

On the upside, an initial resistance is near the $55,500 level. The first major resistance is near the $56,200 level, above which the price could accelerate higher. The next major resistance for the bulls may possibly be near the $58,000 level. Any more gains could set the pace for a move towards the $60,000 level.

Dips Limited In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $55,000 level.

The first major support is now forming near the $54,200 level. The next major support is near the $53,000 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $50,366 swing low to $55,777 high. If there is a break below the trend line support, the price might decline towards the $50,000 level and the 100 hourly SMA.

Oct 11th, 2021 02:57:11

Ethereum gained pace and surpassed the $3,500 level against the US Dollar. ETH price is trading in a positive zone and it could rise further towards $3,700.

Ethereum started a fresh increase above the $3,500 resistance level.
The price is now trading above $3,400 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise as long as it is above the $3,400 support zone in the near term.

Ethereum Price Extends Rally

Ethereum started a steady increase above the $3,350 resistance zone. ETH was able to climb above the $3,450 level and the 100 hourly simple moving average.

The price even cleared the $3,500 zone. A high is formed near $3,539 and it is now correcting gains. Ether corrected lower below the $3,500 level. It is now trading near the 23.6% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high.

It is now consolidating near the $3,480 zone. There is also a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,540 level.

The next major resistance is near the $3,550 level, above which the price might accelerate towards $3,700. Any more gains could set the pace for a larger increase towards the $3,800 level in the near term.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,540 and $3,550 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,450 level.

The first key support is now forming near the $3,400 level. It is close to the 50% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high. Any more losses could lead ether price towards the $3,375 support zone and the 100 hourly simple moving average. The next major support could be near the $3,320 level.

Oct 11th, 2021 02:56:03

Bitcoin price gained pace and cleared the $50,000 resistance against the US Dollar. BTC could correct lower, but dips might remain limited below $50,000.

Bitcoin climbed higher above the $49,500 and $50,000 resistance levels.
The price is now trading above $50,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but it might find support near $50,000 or $49,500.

Bitcoin Price Gains Momentum

Bitcoin price remained in an uptrend and extended its increase above the $49,500 resistance zone. BTC even broke the $50,000 resistance level and settled above the 100 hourly simple moving average.

The bulls remained in action and they were able to push the price above the $51,000 level. It traded close to $52,000 and a high is formed near $51,888. The price is now consolidating gains above the $51,000 level.

An immediate support on the downside is near the $50,800 level. It is close to the 23.6% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. There is also a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair.

On the upside, an initial resistance is near the $51,500 level. The first major resistance is near the $52,000 level, above which the price could start a fresh increase. The next major resistance for the bulls may possibly be near the $53,200 level. Any more gains could set the pace for a move towards the $55,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $52,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,800 level.

The first major support is now forming near the $50,000 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. If there is a break below the trend line support, the price might decline towards the $49,000 level and the 100 hourly SMA.

Oct 11th, 2021 02:55:29