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

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Mixed emotions greet the 3rd U.S. regulated Bitcoin ETF, arsenic investigation predicts a "copy-paste" 2021 bull tally for altcoins.

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BTC terms  dips beneath  $62K connected  VanEck Bitcoin ETF motorboat  day

Bitcoin (BTC) fell beneath $62,000 connected Oct. 26 arsenic the motorboat of the 3rd United States regulated exchange-traded money (ETF) failed to budge the sideways terms action.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

$61,600 enactment people for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting regular lows arsenic U.S. markets opened connected Oct. 26.

The latest ETF, the VanEck Bitcoin Strategy ETF (XBTF), was met with a decidedly antithetic temper connected the time arsenic Bitcoin seemed unmoved by the imaginable of caller organization involvement.

Last week's ProShares Bitcoin Strategy ETF saw a surge, which ended successful caller all-time highs for BTC/USD, these inactive unmatched arsenic a correction challenged $60,000 support.

At the clip of writing, $62,000 formed a shaky focus, which is inactive successful enactment with the latest terms forecasts from fashionable analysts.

"It would beryllium earthy terms progression for BTC to dip into ~$61600 (orange level)," Rekt Capital commented alongside a caller terms chart.

"Holding determination would beryllium a motion of spot connected the broadside of buyers." 
BTC/USD summary. Source: Rekt Capital/ Twitter

Expectations person remained precocious for all-time highs to spot a retest connected the backmost of caller movements, portion probe has argued that a dip as debased arsenic $50,000 would inactive sphere the wide bullish trajectory.

As Cointelegraph reported, adjacent the October adjacent is predicted to beryllium astir $63,000, giving Bitcoin country to way sideways longer earlier unit increases.

PlanB, the expert who called $63,000 the "worst-case scenario" for the monthly close, proclaimed the 2nd limb of the 2021 bull officially successful advancement this week.

Altcoins owed a "copy paste" of earlier bull run

Major altcoins were likewise tentative successful their behaviour connected the day, with Ether (ETH) unmoved astatine $4,150.

Related: GBTC delivered amended returns than Bitcoin ETFs past week

The apical 10 cryptocurrencies by marketplace headdress were likewise level implicit the past 24 hours — a uncommon occurrence of communal calm for an plus radical that has been characterized by volatility this month.

"We cognize this operation from earlier connected successful which we've besides had retests happening earlier we've started to proceed moving," Cointelegraph contributor Michaël van de Poppe said successful his latest YouTube update.

He predicted a "copy paste" script of the gains from the commencement of 2021 astatine a aboriginal date, with the timeframe for this nevertheless unpredictable.

"Upside is mostly higher than what you expect to beryllium happening," helium added.

ETH/USD 1-hour candle illustration (Bitstamp). Source: TradingView

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