Bitcoin Price Sits On A Gun Powder As $20,500 Fails; Will Bears Open The Doors?
02 Noviembre 2022 - 08:00PM
NEWSBTC
BTC’s price slowed down after showing so much strength as it
rallied to a high of $21,000 but got rejected as the price rallied
downward. BTC could suffer retracement as the price
breaks below the crucial support area, holding the price off from
sellers with hopes of a rebound. BTC’s price remains strong
on the daily timeframes as the price trades above the 50
Exponential Moving Average (EMA). The price of Bitcoin (BTC) showed
some incredible price action as the price rallied from a low of
$19,200 to a high of $21,000 before facing a rejection back to its
key support of $20,500, where bulls had tried to hold sell-offs.
The crypto market has enjoyed a bit of relief across all assets,
with Bitcoin (BTC) showing great traction, rallying and dragging
the market. With uncertainty in the crypto market, the Federal Open
Market Committee are set to hold their meeting because most traders
and investors have maintained more caution this time. (Data from
Binance) Related Reading: Ripple (XRP) Sits On Key Support; Here Is
What Could Happen If $0.45 Fails Bitcoin (BTC) Price Analysis On
The Weekly Chart The past week has seen many altcoins continue to
produce over 200% gains over the past 7 days of breaking out of
their range-bound movement, as many believe more hope could be
settling into the crypto space once more. The new week looked
different, as many altcoins have had a good run, and Bitcoin (BTC)
prices have struggled to stay afloat ahead of the scheduled Federal
Open Market Committee (FOMC) to hold off BTC prices from losing
going lower than expected. Bitcoin’s (BTC) price has had a
great run but has faced a setback in rallying past the high of
$20,800 to a region of $21,500-$22,000, as anticipated by many.
After its weekly close of above $20,500, the price of BTC rallied
to a high of $21,000; the price faced a minor rejection to break
higher to a region of $1. The price of BTC has maintained a strong
outlook above its crucial support form at $19,500, determined to
defend this region from sellers. Weekly resistance for the price of
BTC – $21,300. Weekly support for the price of BTC – $19,500. Price
Analysis Of BTC On The Daily (1D) Chart In the daily timeframe, the
price of BTC continues to be strong as bulls try to hold the price
above its key support zone at $19,500, forming strong support to
hold off the price from sellers. BTC currently trades at $20,100,
just above its key support on the daily timeframe after
successfully rallying from this region several times to a high of
$21,000-$22,000 before being rejected. The price of BTC needs
to hold above this region which corresponds to the Fibonacci
retracement value at 23.6%, to avoid bears from taking over and
driving the price down to a low of $19,500-$18,800. If BNB fails to
break and close above $335, we could see the price retraced to
$300-$270, acting as good support for prices, but if the price
breaks past $335, we would expect a rally to a high of $400-$450.
Daily resistance for the B price – $21,000-$22,000. Daily
support for the BTC price – $19,500. Related Reading: How Aave
Helped JP Morgan Complete Its First DeFi Transaction Featured Image
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