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News/BTC bulls fighting to end October above $20,000

BTC bulls fighting to end October above $20,000

Oct 31 2022

2 years ago5 mins read

October has historically been a good month for Bitcoin, but this year we’ve had one of the lowest peak returns recorded at just 15% — going from \(18,185 to \)21,000.

The actual monthly return will depend on Bitcoin’s closing today, as it appears to be experiencing selling pressure, bringing it down from just under \(21,000 to around \)20,250.

Meanwhile, the S&P 500, having gained 7.8% over the past 10 days, is also contending with selling pressure within the 3900-4000 range.

Moving forward, bulls will want to give BTC a soft landing by ending October above $20,000, whereas bears will want to see the critical support lost by the monthly close.

FOMC will be the main volatility driver in the coming days and despite DXY maintaining its bullish structure so far, FOMC’s decision on Nov. 2 will play a major role in deciding whether we hit 120 or go down to 108.

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Bitcoin Technical Analysis

Bitcoin price has had two attempts at breaking \(21,000, and both led to rejection with bearish divergences signaling buyer exhaustion. Currently, Bitcoin is on its way to testing \)20,000 as support for the third time. If \(20,000 holds we will have a new range established between \)20,000 and $21,000.


Ethereum Technical Analysis

The price of ETH dealt with a lot of sell pressure around \(1,600 and finally caved in. Currently resting at \)1,561, Ethereum is testing its previous area of support. We can also see buyer exhaustion on multiple time frames which makes a $1,500 retest likely.


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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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