BTC Price Can’t Exceed $21K

Bitcoin Makes Positive Moves, But Can’t Break Above $21,000 – Oct 29, 2022

BTC/USD revisits the current resistance level, but fails to break above $21,000. Buyers failed to break out of recent highs during the uptrend on Oct. 26. Today, buyers are still struggling to break out of the same highs. There is an imminent prospect of a breakout at recent highs.

Bitcoin price statistics:
• Current Bitcoin Price – $20,732.39
Bitcoin market cap – $397,915,697,467
Bitcoin circulating volume – 19,192,950.00 BTC
Total Bitcoin Supply – 19,192,950.00 BTC
Bitcoin Coinmarketcap Ranking – #1

resistance level: $50,000, $55,000, $60,000
Support level: $25,000, $20,000, $15,000

Bitcoin (BTC) price has been trading in the bull trend zone since the October 25 price rally. Buyers have retested the recent high twice and have yet to break the resistance level.On the upside, if a buyer manages to overcome his $21,022 resistance, Bitcoin will move above his $22,000 level. will rise. The bullish momentum will continue to the next resistance at $22,794.

Nevertheless, a breakout of the $22,794 resistance will push Bitcoin to the overhead resistance of $25,205. If Bitcoin falls from its high of $21,022, it will cross the psychological price threshold of $20,000. If the bears manage to break out of his $20,000 support level, Bitcoin will move in a range between he $18,800 and he $19,900.

Lowest Daily Trading Volume for Cryptocurrency Items in October: Report

Despite low daily trading volumes, there are some signs of market recovery, at least for Bitcoin-based products. This month saw his lowest average daily total product volume for all digital asset investment products. Although the cryptocurrency market is showing signs of a slow recovery. Bitcoin is above the $20,000 psychological price level after crashing to $17,600 in June. Average daily trading volume for institutional cryptocurrency products fell 34.1% to $61.3 million in October. According to a CryptoCompare study released on October 27, the average daily trading volume for almost all items examined in the study dropped significantly, falling between -24.3% and -77.5%.

Bitcoin, on the other hand, is still struggling to break the current resistance level, but cannot break above $21,000. On the 4-hour chart, if BTC price breaks below the 21-day SMA, the selling pressure will extend to the 50-day SMA or a low of $19,725. Bitcoin is in overbought territory above his 80% range on the daily Stochastic.

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