How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just around the support at $19,600 and is looking quite bearish in the immediate short term. The price broke down from the support $20,400 mark this morning, and BTC experienced a sell-off toward the $19,600 mark. There has been some negative news in the crypto space as well, with the major one being the rumor related to Alameda research going bankrupt. Alameda research is one of the biggest investors in the crypto space, and this news could have a major negative impact on Bitcoin. Let’s take a quick look at the latest Bitcoin Price Prediction Today (08-Nov-2022) to see where the price could be headed next in the immediate short term.
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Analyzing the Daily Charts
If we take a quick look at the latest 1-day timeframe for Bitcoin, we can notice that the price is currently trading just above the $19,600 mark. We can also notice that this area has acted as strong resistance in the past, and we can expect it to hold as support.
Another thing we can observe here is that the price has been falling for the past three days after facing rejection at the $21,500 mark.
Right now, the most important thing we need to watch is whether the price can hold the $19,600 mark or not. If BTC starts closing candles below $19,600, another sell-off is possible.
If that happens, the next major level we will be eyeing for Bitcoin will be the $18,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
If we take a quick look at the latest Bitcoin charts, we can see that the price is currently moving within the downtrend. The momentum looks bearish, and we will likely see the price drop further in the coming days. The macro trend has also been bearish for a long time now, and it is also possible that Bitcoin will form a new bottom in the coming weeks.
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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