According to CoinMarketCap, crypto market leader Bitcoin (BTC) rose to $20,628. Thus, in the last 24 hoursthe price rose by 0.61%, the weekly dynamics is +6.74%.
% of BTC addresses in profit (Source: Twitter)
In his message, a cryptanalyst under the nickname @100trillionUSD on Twitter, banned in Russia, shared a chart on October 30, 2022, which shows that the percentage of BTC profits has grown to 55-60%.
Daily chart for BTC/USDT (Source: CoinMarketCap)
Looking at the BTC/USDT daily chart, you can see that inBTC price is currently just above daily support at $20,400. On October 23, the daily exponential moving average (EMA) 9 line crossed a bullish crossover of the longer exponential moving average (EMA) 20. Since then, EMA 9 has maintained its position above the line 20 EMA.
Now line 9 EMA acts as supportalong with the support level at $20,400. The Relative Strength Index (RSI) daily indicator suggests that the price of BTC will bounce slightly as the RSI line is located above the RSI standard moving average line. In addition to this, the RSI line has a positive slope towards the overbought zone.
If BTC closes below $20,400 today,investors and traders should brace for a potential pullback to the 20 EMA. If the 20 EMA level does not hold, the next target will be immediate support around $19,500.
If the $20,400 level can hold for the next 2 days, then BTC is likely to target the $21,000 mark.
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