Table of Contents
How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the resistance at $20,400 and is losing momentum on the lower timeframes. As mentioned in our previous analysis, the price lost the support at $20,400 yesterday and is now struggling to get back above it. Right now, Bitcoin is headed toward the $20,000 mark, and the price could rest there for a while. Also, as long as the price is trading above $20,000, we can expect Bitcoin to make a bullish move. Let’s take a quick look at the Bitcoin price prediction today (03-Nov-2022) to see where things could be headed in the short term.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day charts for Bitcoin, we can notice that the price has closed a candle below $20,400 once again.
We can also notice that the $20,400 mark is a strong resistance level that has been holding the price back for a while now. When the price trades below this level, things remain quite stagnant or bearish for Bitcoin.
If the price manages to flip this level and starts closing daily candles above it once again, Bitcoin will gain bullish momentum. The target we will be eyeing in that scenario is the $21,500 mark.
On the other hand, if the price stays below this level for the next couple of days, it is likely that Bitcoin will also break below $20,000 and will go back to retest the $19,600 mark.
The $19,600 region is another area that kept pushing the price lower for weeks. The bulls will push hard to hold it as support.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the $20,000 mark and could go either way in the short term. The macro trend for Bitcoin is still bearish, but a bullish move on the lower timeframes is also likely. However, we will not be placing any short-term trades on Bitcoin and will be interested in buying more BTC if it drops further.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
