BTCUSD
Bitcoin is trading below the resistance level of $84,000, and prices are likely to move sideways between this resistance level and the support level of $80,000 during today’s trading session.
|
Support |
80000 | 76000 |
| Resistance | 84000 |
87000 |
Bitcoin continued its recovery attempts during today’s trading session after gaining around 1.3% in the previous session to surpass $83,000, supported by improved performance in U.S. equities and strong corporate earnings, alongside a temporary decline in oil prices and U.S. Treasury yields. However, the cryptocurrency continues to struggle to maintain its gains, trading near $82,757 during today’s Asian session, indicating that investors remain cautious despite improving risk appetite.
Markets are awaiting the Federal Reserve’s meeting on October 28, with interest rates widely expected to remain unchanged. Meanwhile, persistently high oil prices and rising inflation concerns could limit the strength of Bitcoin’s recovery. A breakout above the previously mentioned resistance levels remains an important factor in confirming an improvement in the cryptocurrency’s price trend over the coming sessions.
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