Throughout the week, Bitcoin has struggled to make a break through the $19,500 mark for a run to the crucial $20,000 level. The popular cryptocurrency hasn’t been able to shake out of the $18,125 – $20,500 range.
At the time of writing this article, Bitcoin was trading at $19,194 down by 3.14% in the last 24 hours. Ethereum also plunged by 2.59% and was changing hands at $1,298. BTC’s volatility has remained relatively stable. It might support a bullish bias.
The sentiment is leaning toward the Federal Reserve enacting a further 75-basis point rate hike in November with the recent release of the Consumer Price Index (CPI). The CME Group’s FedWatch Tool highlighted that the odds of a lower 50-point hike were 2.1% as of October 14. Alasdair Macleod, head of research at Goldmoney, said that even under existing dollar strength, major world currencies were showing increasing strain, including the Japanese yen and the Chinese yuan.
But Bitcoin analysts favor downside regaining control of short-term BTC price action. Il Capo of Crypto, a Twitter analyst, highlighted the existing theory involving a push near $21,000 before a new macro bottoming sequence ensued. Jibon, an analyst also known as Trader_J, sees the current highs petering out at or above the $20,000 mark, and maybe a dip to the lows of $18,000 in the coming days. Michael van de Poppe, the founder, and CEO of Eight believes Bitcoin broke up even more, through which the area of around $19,400 is important to sustain. He said if BTC holds, it can touch $20,800 – $22,400.
Overall, the crypto market hasn’t been able to make many gains in 2022. There have been very little to no profits.