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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $20,700 mark and seems to be heading toward the support at $20,400. As mentioned in our previous analysis, the price faced rejection at the $21,000 mark and seems to be moving in a downtrend on micro timeframes at the moment. Bitcoin managed to sustain momentum over the weekend, but right now, sellers are trying to push the price once again. It is vital for the price to stay above $21,000 on the daily timeframe to continue towards the higher targets. Let’s take a quick look at the Bitcoin Price Prediction today (07-Nov-2022) to see where things are headed next in the coming days.
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Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day timeframe, we can see that the price closed the last candle below the $21,000 mark.
This is a sign that the price is losing momentum and might continue to drop if BTC fails to close today’s daily candle above $21,000.
We can also notice that the price is still trading above the 100-SMA we highlighted in our previous analyses, which could be a positive sign.
If the price pushes today’s candle above $21,000, we can expect Bitcoin to rally toward the $22,600 mark again.
The $22,600 mark is a crucial resistance level, as it has pushed the price down in the past as well. Once the price reaches the target, sellers will start gaining more control.
On the other hand, if BTC fails to close above $21,000 tonight, we will expect the price to hold the support at $20,400.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the $21,000 mark and could go either way in the short term. If the price manages to stay above $21,000 by the end of the day, we can expect another jump for BTC toward the $22,600 mark. On the other hand, the current support we are watching for Bitcoin is the $20,400 mark. It is likely that the price will bounce from this level in the coming hours.
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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