Uptober anyway – The price of Bitcoin (BTC) remains midway between $20,000 and $21,000, with a block that could be the difference.
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Two potential reds and two greens for Bitcoin price
After unsuccessfully attempting to reclaim $21,000 yesterday, October 30, 2022, Bitcoin price is poised to record its second consecutive red daily candlestick.
The price of the cryptocurrency fell as low as $20,268 on Bitfinex today, October 31, 2022. Bitcoin is trading at $20,423 at the time of writing this article. Its price is currently recording a daily loss of 1.13%
Trader Rekt Capital pointed to the fact that Bitcoin made a weekly close above $20,000, “for the first time in almost two months.”
He also shared a chart to show that Bitcoin would achieve a monthly close in the red, if the cryptocurrency ended the month below support around $20,000.
FOMC and a block at $30,000 awaiting direction
This week, markets are watching Bitcoin’s reaction to the upcoming FOMC announcements, which are expected to take place in two days. An increase of 75 basis points is expected for November, but observers are mainly interested in the increase according to.
The Material Indicators platform shared a chart from Binance’s order books, while pointing to a ” $46 million block around $30,000. If that block fell “into the active trading range, it will drive the price down.” Otherwise, Bitcoin “should soar”. The FOMC announcements could then serve as a “ catalyst “.
A support to defend to prevent a decline for the price of Bitcoin
In the very short term, the price of Bitcoin therefore fails to cross a resistance zone which prevents it from regaining $21,000.
In terms of support, as the cryptocurrency was trading around $20,365, Crypto trader Tony pointed to the existence of a support zone at $20,100-$20,300, on a 4 chart of Bitcoin price. hours.
Based on recent swings, the trader believes that if Bitcoin were to lose this support, we would expect “ folds » and « bearish tests “.
Will macro fishing be good this Wednesday for Bitcoin price? The cryptocurrency remains in a transit zone, waiting for the next event that could push it above $21,000, or bring it back below $20,000.
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