BTC Price Is Unable to Rise above $21K

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Bitcoin Makes Positive Moves but Is Unable to Rise above $21K – October 29, 2022

BTC/USD revisits the current resistance level but is unable to rise above $21K. On October 26 uptrend, buyers failed to breach the recent high. Today, buyers are still struggling to breach the same high. There is an imminent prospect of a breakout at the recent high.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,732.39
•Bitcoin market cap – $397,915,697,467
•Bitcoin circulating supply – 19,192,950.00 BTC
•Bitcoin total supply – 19,192,950.00 BTC
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin’s (BTC) price has been trading in the bullish trend zone since October 25 price rebound. Buyers have retested the recent high twice but are yet to breach the resistance level. On the plus side, Bitcoin will rally above $22,000, if buyers manage to overcome the resistance at $21,022. The bullish momentum will extend to the next resistance at $22,794.

Nonetheless, a break above the resistance at $22,794 will catapult Bitcoin to the $25,205 overhead resistance. Nevertheless, the bullish scenario will be invalidated if Bitcoin turns down from the $21,022 high. The psychological price threshold of $20,000 will be crossed if Bitcoin declines from the $21,022 high. A range-bound move between $18,800 and $19,900 will be entered by Bitcoin if the bears manage to breach the $20,000 support level.

Lowest Daily Trading Volume for Cryptocurrency Items in October: Report

Notwithstanding the poor daily trading figures, there are some indications of a market recovery, at least for goods based on Bitcoin. This month sets a record low for an average daily aggregate product volume across all digital asset investment products. Even though the cryptocurrency market is showing signs of a slow recovery. Bitcoin is holding above the psychological price level of $20,000 after its initial crash to $17,600 in June. The average daily trading volume for institutional cryptocurrency products decreased by 34.1% to $61.3 million in October. According to research from CryptoCompare that was released on October 27, the average daily volumes for almost all the items examined in the research decreased significantly, falling anywhere between -24.3% and -77.5%.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is still struggling to break the current resistance level but is unable to rise above $21K. The cryptocurrency has retraced to $20,782 low. On the 4-hour chart, if the BTC price breaks below the 21-day line SMA, the selling pressure will extend to the 50-day line SMA or $19725 low. Bitcoin is in the overbought region above the 80% range of the daily Stochastic.

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