After a brief rally, the cryptocurrency market took another hit with the Federal Reserve’s recent rate hike of 75 basis points, and now investors and traders are wondering about the future of its flagship asset. – Bitcoin (BTC).
By analyzing the Bitcoin price candle chart, crypto trading expert Ali Martinez has identified the key price level the cryptocurrency must hold for it to rebound, as he detailed in his article titled tweet November 2.
Specifically, he explained that:
“As long as $19,800 holds, BTC might have a good chance to rebound to $20,500 or even $21,000. »
Furthermore, Martinez also added that TD analysis indicates a “buy” signal for bitcoin.
Earlier, crypto trading expert and analyst Michaël van de Poppe observed that a bullish continuation for bitcoin could be expected if it sweeps through the lows at $20,000, which is regular during Federal meetings. Open Market Committee (FOMC).
More recently, on November 3, Van de Poppe noted that bitcoin was consolidating again around $20,300, expressing belief that a “relief rally is going to happen in the next few months, most likely.” He also suggested that the Purchasing Managers’ Index (PMI) and upcoming unemployment data are important factors to watch.
New addresses rack up billions
At the same time, Martinez also have noticed that nine new addresses holding between 10,000 and 100,000 BTC had been created on the network in two weeks (or since September 20), accumulating nearly 190,000 BTC worth $3.8 billion.
The addition of new holders and large addresses going into accumulation or ‘hodl’ mode has traditionally indicated heightened investor interest in crypto and optimism around its future price action, as well as the sight of a potential bottom on the market.
bitcoin price analysis
At press time, bitcoin was trading at $20,307, down 0.77% from the previous 24 hours, as well as down 1.55% from seven days prior, as the show the graphs.
As it stands, bitcoin still holds the position of largest cryptocurrency by market capitalization, which currently stands at $390.01 billion, according to data retrieved by Theinquirer on November 3.
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