BITCOIN Technical Analysis Report | 31st October 2022


BTC begins a key week of domestic and macro events trading above $20,000. After its highest weekly close since mid-September, BTC/USD remains macro-pegged to a higher trading range. Bulls have been keen to completely turn the tide, while warnings from more conservative market participants continue to call for entry into macro lows. So far, the war between the two sides and any internal or external triggers have had a temporary effect. This first week of November, the Fed will take a decision on the benchmark interest rate hike which is being priced at 0.75%. The global volume is down by more than 15% while the BTC dominance is at 38.92%. 

 At the time of writing, BTC was trading at $20,555.

BITCOIN was trading from $18,000 to $20,550 for a few weeks. The asset finally gave a breakout above the range and made a high of $21,020.  However, the bulls are struggling to gain momentum and the asset is facing rejections at higher levels and has failed to give closing above $21k. Currently, BTC is hovering around the support of $20,550.  Once BTC sustains above $20,550 it can go further up to $22,500 whereas $19,750 (50-Day Moving Average and $17,500 will act as strong support for the asset. $22,500 – $22,750 will be the major hurdle for the bulls.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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