Pivot or continuity – The price of Bitcoin (BTC) is still waiting for the event of the week which could allow it to recover the $21,000, or to remain at the levels near $20,000.
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The dollar and Bitcoin price in uncertainty
Bitcoin price rises to $20,689 on Bitfinex today, 1er November 2022. Cryptocurrency is trading at $20,468 at the time of writing this article. The markets are currently entitled to a doji.
The dollar, which has come back above 111, is currently less than 1 point from its opening level on October 25, 2002, when Bitcoin had reconquered $20,000. After recording 4 daily green candlesticks since October 27th, markets are also treated to a doji for the DXY today.
Uncertainty reigns so for Bitcoin and the dollar, on the eve of the FOMC meeting. While markets are already expecting a 75 basis point rise in interest rates for this month, they are also watching for signs of a pivot, which would be in the direction of a 50 basis point hike rather than of 75 points, for the increase after.
Bitcoin back in a macro range
On a daily basis, Bitcoin price seems to be enjoying support around the $20,310 – $20,345. In terms of resistance, Bitcoin continues to face a bear blockade around the 100 day moving average, around $20,770. This resistance zone is preventing Bitcoin from regaining $21,000.
On a longer timescale, trader Rekt Capital took an interest in October’s monthly close, which would signal Bitcoin’s return to the range of $20,000 – $23,000.
To be able to confirm this comeback, Bitcoin “may need to dive in the short term” to around $20,000, “for another test attempt”.
The price of Bitcoin could be pressured by a block around $30,000, or on the contrary be pulled up by the latter, on Wednesday. The dollar and Bitcoin are now waiting for signs of a pivot which, in the short term, would benefit one at the expense of the other, if it actually materializes.
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