How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $20,400 mark and is struggling to gain momentum on the lower timeframes. The price has been trading above $20,400 since Friday and has now started closing hourly candles below it. Bitcoin did move out of the consolidation zone below the $20K region in the previous week and has shown some bullish signs since then. However, the price continues to move slowly on the lower timeframes as BTC has been trading around $20,400 for the past few days. Let’s take a quick look at the Bitcoin Daily (03-Nov-2022) Price Prediction to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price has broken below $20,400 and has fallen on the immediate support at $20,000.
We can notice that the price did fall on the $20,000 mark previously as well and was able to bounce back from there nicely. It is likely that the price could bounce back once again from this level, and we will see some bullishness for Bitcoin. The target we will be eyeing in that scenario is the $21,500 mark.
On the other hand, if the price fails to gain momentum here, we will likely see it break below $20,000. The support level we will be watching next in that scenario is the $19,600 mark. Below the $19,600 mark is the region where the price consolidated previously for weeks.
If Bitcoin manages to move back within the consolidation zone in the coming days, we can also expect a sell-off towards the downside.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading below a crucial support level but could still go either way in the immediate short term. The price must gain some momentum above the $20,000 mark and push for higher targets. The bulls do not seem to be that active at the moment, so it will be interesting to see how things pan out. Right now, we will not be placing any short-term trades on Bitcoin.
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.
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