BTC Price Prediction: Today’s Bitcoin Price, 6th Nov 2022

The price of bitcoin is stabilizing in a constrained trading range between $20,000 and $20,400, ahead of the non-farm payrolls and unemployment rate in the US.

The global cryptocurrency market increased by 0.17% to $1.01 trillion on November 4 as major cryptocurrencies traded in a varied manner early in the day. On contrast, the entire volume of the crypto market dropped by 22% in the previous day to reach $79 billion.

DeFi saw $5.67 billion in total volume, or 7% of the total 24-hour volume in the cryptocurrency market. Stablecoin activity totaled $72 billion, or 91% of the total 24-hour volume of the cryptocurrency market.

Today Bitcoin Price

The price of one bitcoin is currently $20,369, and its 24-hour trading volume is $42 billion. Less than 0.50% of Bitcoin was up throughout the Asian session. With a live market cap of $390 billion, which is basically unchanged from yesterday’s statistics, it presently holds the top spot on CoinMarketCap.

After recovering from a crucial support level of $20,000, the BTC/USD pair is now trading favourably (Psychological level). Closing candles above this level most likely portend the continuation of the BTC rise.

The descending triangle pattern that Bitcoin has produced on the 4-hour timescale is anticipated to provide support for the cryptocurrency close to $20,000 while also acting as immediate resistance at $20,400.

The $20,400 resistance level may be broken by an increase in BTC demand, allowing access to the $20,700 and $21,000 resistance levels.

Investors might consider staying negative below $20,400/$20,500, though, as the MACD and RSI are still in the sell zone. This suggests that BTC can find support near $20,000, and that if this level is breached, further selling may occur until $19,700 or $19,400.

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