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News/BTC tests $20,000 after tech earnings slump

BTC tests $20,000 after tech earnings slump

Oct 28 2022

2 years ago5 mins read

Bitcoin gradually bled down to \(20,000 yesterday with the release of earnings reports for tech giants such as META, AAPL, and AMZN. Today, however, we got a bounce up to \)20,500 as SPX makes another attempt to break through 3,870.

Meanwhile, DXY is gradually rising and maintaining its bullish structure, and in order for Bitcoin to make another attempt at breaking $21,000 DXY will need to move downward.

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Bitcoin Technical Analysis

Bitcoin price was able to bounce back from the previous demand zone, as highlighted on the chart below. Currently, BTC price appears to be relying on SPX to break through the resistance.

Despite the current uptrend, Bitcoin looks overbought on multiple timeframes and it is unlikely that this bounce from $20,000 will last much longer.

On the downside, if we lose \(20,275 on our daily close, \)19,600 will be the next point of interest.


Ethereum Technical Analysis

The price of ETH broke down from yesterday’s tight range and is making another attempt to reclaim it. Bulls will want to see multiple hourly closes above \(1,530 or a test and break of \)1,560 otherwise this will end up being another sell-the-rally instance that will trap more buyers before further downside.


Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.


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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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