Bitcoin price is bearish at $20,244 during the Asian session after rejecting the $21,000 resistance region.
Major cryptocurrencies fell in value early on October 28 as market capitalization fell from $1 trillion to $979 billion.
Investors’ focus this week is also mainly on US monetary policy. The political opposition is questioning Federal Reserve Chairman Jerome Powell’s stance on the Fed on several issues. Sen. Sherrod Brown sent a letter of concern this week to the Fed chairman, who is used to dealing with political pressure.
DATE | BTC | USD |
---|---|---|
Today | 01 | 20,591.89 |
The 24-hour trading volume is $48 billion, and the price of one bitcoin is $20,264. Bitcoin has lost more than 2% of its value in the last 24 hours. With a live market cap of $388 billion, down from a total of $398 billion, CoinMarketCap is currently on top.
Although Bitcoin is still trending upwards, it has just seen a small bearish correction. Early investors are likely to collect profits before the weekend. At $21,000, Bitcoin reached the end of its 61.8% Fibonacci retracement, and candles falling below this mark are triggering a bearish trend.
A negative correction occurred as a result of RSI and MACD entering overbought territory. On the other hand, the 50-day moving average suggests buying above $19,600. A break of the 61.8% Fibo level would therefore allow the buying momentum to continue up to $21,900. If the uptrend continues, BTC could reach $22,500.
On the downside, Bitcoin has immediate support around $19,900. Investors can take a long position today above the $19,900 mark or vice versa.