In the cryptocurrency space, where fortunes are made and lost in the blink of an eye, CryptoBusy, a renowned technical and market analyst, has sounded the alarm bells with his recent Bitcoin intraday guide. With Bitcoin trading at $27,926.80, all eyes are on the pivotal levels that could determine the fate of this digital behemoth. A question remains if Bitcoin will break free from its all-time high resistance of 2021 or if a decade’s worth of support will crumble beneath it.
#Bitcoin Intraday guide:
— CryptoBusy (@CryptoBusy) October 6, 2023
The market is choppy right now and I think someone is manipulating it.
If you're an intraday/day trader, here are the key levels I'm watching on the lower time frame 👇$BTC #BTC https://t.co/mjxzg4zkQX pic.twitter.com/2ZKesXsBCx
CryptoBusy’s analysis revealed a turbulent market, suggesting possible manipulation at play. For intraday and day traders, understanding the critical levels on the lower time frame is paramount. The question looming significant is whether Bitcoin will defy gravity and surge to new heights or succumb to the relentless pressure from bearish forces.
Per another CryptoBusy post on the same thread, the resistance from Bitcoin’s all-time high in 2021 stands as a formidable barrier. If breached, it could pave the way for a monumental upward surge, sending shockwaves throughout the crypto sphere.
MASSIVE MOVE AHEAD FOR #BITCOIN 👀 (WARNING)
— CryptoBusy (@CryptoBusy) October 6, 2023
This resistance from #BTC is from its ALL-TIME HIGH of 2021.
I'm not hyping you, but if this breaks out at this level, it could provide a massive upward movement.
However, on the other side, there's a DECADE worth of support waiting… pic.twitter.com/QwHU59OLOw
However, the other side of the coin presents a stark reality—a decade’s worth of support holding Bitcoin’s fort. Should this foundation crumble, the consequences could be dire. Breaking such robust support is a bearish signal that might trigger a cascade of lower lows.
In another related report, Bitcoin recently faced a formidable opponent—Friend.tech, the decentralized social network. According to Token Terminal data, Friend.tech’s transaction fees in the last 30 days amounted to a staggering $26.8 million, outpacing Bitcoin, which raked in $24.2 million. This revelation underscores the growing influence of decentralized platforms and their potential to disrupt the crypto landscape.
As of this press, Bitcoin’s price hovers at $27,926.80, with a 24-hour trading volume exceeding $13 billion. Its market cap sits at a colossal $544,752,614,060, reaffirming its dominance as the top cryptocurrency. With a circulating supply of 19,506,443 BTC coins and a maximum supply capped at 21,000,000 BTC coins, Bitcoin’s scarcity remains a driving force behind its value.
