As it happens, Bitcoin has recorded significant resilience in price and a massive outpour from crypto exchanges despite the unfavorable developments on traditional markets, according to an analysis by Cristian Palusci, an expert with crypto analytics platform CryptoQuant, published on October 31.
Poor macro situation
According to Palusci, these negative macro patterns include the liquidity crisis in the bond markets, as well as the difficulties that have engulfed the real estate sector, in anticipation of the upcoming Federal Reserve’s funds rate hike and the U.S. labor market report. In addition, he explained that: Finally, Palusci concluded that “it will not be boring and we will see if in such a scenario Bitcoin will have the strength to break the resistance at $21K.”
Bitcoin technical analysis
At the same time, BTC’s technical analysis (TA) is looking positive, as the summary demonstrates a ‘buy’ sentiment at 11. Upon further breakdown, the oscillators suggest buying Bitcoin at 2, while the moving average (MA) indicators point to a ‘buy’ a bit stronger – at 9.
Bitcoin price analysis
Elsewhere, crypto trading expert Rekt Capital noted on November 1 that the “new BTC monthly close is in which solidifies BTC’s return into the ~$20,000-$23,300 macro range,” adding that “BTC may need to dip in the short-term into ~$20,000 for a retest attempt” to fully confirm its return to the above range. At press time, Bitcoin was changing hands at $20,503, which represents a 0.90% drop across the previous 24 hours, but also a 5.69% increase over the week, according to data retrieved by Finbold on November 1. It is also worth noting that some crypto analysts expect a very bullish year for Bitcoin, taking into account the decentralized finance (DeFi) asset’s behavior in previous years, specifically the similarities with its technicals from 2019. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
