Bitcoin’s new support line heightened and very positive signals for Litecoin

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Last Updated on 6 November 2023 by CryptoTips.eu

When it became known that Blackrock and other major Wall Street companies were suddenly interested in Bitcoin, the largest digital currency rose from $25k to $30k in just a few days, briefly touching this year’s all-time high of $31k.

With the SEC once again casting doubt on the ETF filings of the various companies that say they want to start Bitcoin trading, Bitcoin briefly dipped below $30k this weekend, but climbed back just as quickly, showing how strong buying appetite is among investors.

The question now is where the new support line lies? At what level can you still buy Bitcoin ‘cheap’ before it breaks out at the upside and rises towards $40k?

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EDX markets

The rise of Litecoin and Bitcoin Cash this week was mainly due to the fact that both coins, along with Bitcoin and Ethereum, were available for trading on EDX Markets, the new trading platform created by three well-known Wall Street financial giants (Fidelity, Charles Schwab and Citadel)

For Bitcoin, analysts claimed that the Blackrock ETF news in particular was very bullish, and that the doubts raised by SEC comments this weekend could cause the largest digital currency to (temporarily) look for its support line again.

Bitcoin had found support at $25k following the SEC charges against crypto platforms Binance and Coinbase, a level that had seemed unbreakable for months. While some smaller investors panicked and sold their Bitcoins (at the time of the SEC charges), analysis clearly shows that long-term investors (aka Whales) kept buying at that level.

According to Dutch analyst Michaël van de Poppe, the $29,800 level is the one to watch as from now. As long as Bitcoin closes above that on the daily candle, it’s only a matter of time before we go back to $31k and eventually break it. If we dip below, the new $28,600 support line becomes very important.

Litecoin

Furthermore, Michael is very bullish on Litecoin in the short term. He is joined in this analysis by legendary chartist Peter Brandt, who also reported the bullish breakout to his followers this weekend.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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