Yesterday passed without major fall-downs, in restoration from the $4300 to $4500 level. Today, for now, is undergoing a low volatility and the price seems to be reacting on the $4500 level as a support, though it needs to be confirmed. Bearish Trend Line, the crossing of which should show the end of the sharp-fall pattern, is in two days of the lateral movement so we can’t confirm that the price has already found a bottom yet. Main levels for today are $4300 and $4000 as a supports and Bearish Trend Line as a resistance.
Trading Bounds: $4300 – $5000. Breakthrough below 4000 will continue the falling, with the target at $3000.
🔹 Opinion: the price of Bitcoin has already pushed off from the bottom
In the next few days, a bitcoin corrective price rally may develop, which, apparently, felt the bottom near the $4,000 mark – CoinDesk analyst Omkar Godbole shared his opinion. The main theses of his analyze:
“Bitcoin could rise above $5,000 in the next few days, as per the oversold RSI on the 3-day chart.
The overall bearish outlook would be invalidated if the corrective bounce ends up pushing prices well above the 10-day EMA of $5,242.
The sell-off would resume if BTC finds acceptance below the 200-week EMA of $4,182, opening the doors for a drop below the psychological level of $4,000.”
🔹 One more alternative stablecoin (USDC) successfully passed an audit
Stable USD Coin (USDC) coins from a Bitcoin startup Circle are fully secured with a fiat dollar, CoinDesk reports.
The financial review was conducted by Grant Thornton LLP, a US subsidiary of the international organization Grant Thornton International. The latter provides audit, tax and consulting services to private and public companies in 130 countries.
As of October 31, $127,412,240.89 was in the Circle vaults. This somewhat exceeds the number of tokens in circulation at that time (127,408,827 USDC). Thus, if necessary, the company was able to simultaneously redeem all the tokens released to the market at the end of last month.
According to Grant Thornton, Circle’s financial audit was conducted in accordance with the certification standards set by the American Institute of Certified Public Accountants (AICPA).
Currently, according to CoinMarketCap, there are 162.9 million USDC tokens in circulation.
Earlier, auditors’ reports were published by Gemini and Paxos, which are Circle’s competitors in this segment of the cryptocurrency market.