Bitcoin Fails to Sustain Above $64k as It Risks Further Decline – October 26, 2021
Following the rejection at the $64,000 resistance zone, BTC price fell and found support above the $62,600 price level. Today, the bears are retesting the current support to break below it. Bitcoin will be compelled to a range-bound move between $62,000 and $63, 600 if the current support holds. On the other hand, if the bears break the current support, the BTC price will decline to the $60,000 psychological price level. Meanwhile, Bitcoin is fluctuating above the current support at the time of writing. The holding of the current support will enable Bitcoin will resume its upward move. Buyers will attempt to retest or breach the resistance levels of $64,000 and $67,000. BTC/USD will rally above $70,000 when these resistance levels are breached.
Bank of Spain Gives Registration Guidelines for Crypto Services
On October 19, the Spanish central bank gives individuals including banks to sign up using the new AML registry. It indicated that the obligation to sign up in the registry applies to “all individuals and institutions providing virtual currency exchange services” like cryptocurrency trading and custody services. The Bank has issued instructions to local virtual currency service providers or VASPs on registration for Anti-Money Laundering, or AML, purposes, requiring institutions to submit their registration requests through an electronic registry.
Today, buyers could not keep BTC price above the $64,000 resistance as it risks further decline. Consequently, Bitcoin has retraced above $62,000 support. Meanwhile, before the recent rejection, BTC price corrected upward and the candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Bitcoin will decline to level 1.618 Fibonacci extension or $61,857.90. From the price action, the crypto has retested the Fibonacci level and it is fluctuating above it.
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