- Bitcoin BTC price stuck under the $1000 range of $20K to $21K.
- The Market cap of BTC is positive by 2.42% at $397.63 Billion in the last 24 hours.
- BTC price again headed towards the $21,000 resistance level after the retracement phase.
Bitcoin BTC price is maintaining its higher price sustainability above $20K. This struggle was really difficult for bulls to flip ideological round level of $20,000 into immediate support level. For over the past 40 days, BTC price propped lower this key level and bulls sold-out digital assets multiple times amid this.
After breakout of $20K level, positivity spread out in crypto market, resulting in, altcoins are outperforming this week. This price recovery is attracting buyers for more upside trends. However, sellers are still present in the market and searching for opportunities to pull down the market.
BTC on 4 Hour Chart
The 4 hours price action draws a higher-low pattern in the chart. Notably, bulls support buying on the dip market this week. Amid positive price trends, BTC price stuck between the $1000 points range of $20K to $21K. Buyers become aggressive at $20K, being at a conceptual round level, in contrast, the BTC noted two months high at $21K, may pause the bullish trend ahead.
At press time, the BTC price against the USDT is trading at $20,750 mark along with 0.79% intraday gain. However, trading volume is decreasing down gradually, in fact, last night, it was down by 13.7% at $42.152 Billion. Nevertheless, BTC price again headed towards the $21,000 resistance level after the retracement phase.
In terms of the daily price scale, Bitcoin BTC price is maintaining above 20 and 50 day exponential moving averages. Now the 100 EMA observes an upcoming resistance level for bulls. In addition, the RSI indicator has completed its little retracement phase and is not going to enter the overbought zone.
Conclusion
The Bitcoin BTC price is headed towards the $21,000 resistance level, buyers need to break upcoming resistance as well as need to manage BTC price above 100 EMA for more upside journey.
Resistance level- $21,000 and $22,500
Support level- $20,000 and $18,000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/10/29/bitcoin-btc-price-stuck-in-1000-points-range-whats-next/