What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the $20,400 mark and is trying to flip it into support once again. As mentioned in our previous analysis, BTC fell below $20,400 , but the bulls are trying to push the price again. It is crucial for Bitcoin to close the daily candle above this level, as staying below it during the weekend could send the price into a consolidation zone once again. BTC has been stuck in the same region below $20,000 for weeks now, and the price must stay above it for the market to get a move on. Let’s take a quick look at the BTC daily (28-Oct-2022) price prediction to see where things could be headed in the immediate short term.

Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.

Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that it found some support at the $20,000 mark and bounced back from it to get above $20,400 once again.

Bitcoin is currently trading above $20,400 on lower timeframes, but it must close the daily candle above it. If that happens, we can expect some sideways movement for BTC before it continues toward the next target of around $21,500.

On the other hand, if the price closes below the $20,400 mark today, then we can expect Bitcoin to drop to the $19,600 level. It is an important area of support, and Bitcoin must hold it during the weekend.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is now trading just above $20,400 and must close the candle above it. If the price fails to stay above the $20,400 mark, BTC will lose significant momentum. Right now, we will be observing the price closely and see how things pan out during the weekend. If Bitcoin stays above $20,400, then we will be interested in placing a long trade on BTC by the end of the weekend.

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.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.