BTC price dips below $62K on VanEck Bitcoin ETF launch day

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Bitcoin (BTC) fell beneath $62,000 on Oct. 26 because the launch of the third United States regulated exchange-traded fund (ETF) didn’t budge the sideways value motion.

BTC price dips below $62K on VanEck Bitcoin ETF launch day
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

$61,600 assist goal for BTC

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting every day lows as U.S. markets opened on Oct. 26.

The newest ETF, the VanEck Bitcoin Technique ETF (XBTF), was met with a decidedly completely different temper on the day as Bitcoin appeared unmoved by the prospect of contemporary institutional involvement.

Final week’s ProShares Bitcoin Strategy ETF saw a surge, which ended in new all-time highs for BTC/USD, these still unmatched as a correction challenged $60,000 support.

At the time of writing, $62,000 formed a shaky focus, which is still in line with the latest price forecasts from popular analysts.

“It would be natural price progression for BTC to dip into ~$61600 (orange level),” Rekt Capital commented alongside a contemporary value chart.

“Holding there could be an indication of energy on the aspect of consumers.” 

BTC price dips below $62K on VanEck Bitcoin ETF launch day
BTC/USD abstract. Supply: Rekt Capital/ Twitter

Expectations have remained excessive for all-time highs to see a retest on the again of latest actions, whereas analysis has argued {that a} dip as low as $50,000 would nonetheless protect the general bullish trajectory.

As Cointelegraph reported, even the October close is predicted to be around $63,000, giving Bitcoin room to trace sideways longer earlier than stress will increase.

PlanB, the analyst who known as $63,000 the “worst-case state of affairs” for the month-to-month shut, proclaimed the second leg of the 2021 bull formally in progress this week.

Altcoins due a “copy paste” of earlier bull run

Main altcoins have been equally tentative of their conduct on the day, with Ether (ETH) unmoved at $4,150.

Associated: GBTC delivered better returns than Bitcoin ETFs last week

The highest ten cryptocurrencies by market cap have been likewise flat over the previous 24 hours — a uncommon episode of communal calm for an asset group that has been characterised by volatility this month.

“We all know this construction from earlier on wherein we have additionally had retests occurring earlier than we have began to proceed shifting,” Cointelegraph contributor Michaël van de Poppe said in his newest YouTube replace.

He predicted a “copy paste” state of affairs of the positive aspects from the beginning of 2021 at a later date, with the timeframe for this nonetheless unpredictable.

“Upside is usually greater than what you anticipate to be occurring,” he added.

BTC price dips below $62K on VanEck Bitcoin ETF launch day
ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView