Bitcoin Price Prediction: Today’s Bitcoin Price, 26th Oct 2022

Web Desk

26th Oct, 2022. 01:00 am
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The price of Bitcoin briefly adjusted downward on October 25 after being rejected at the $19,700 barrier level.

Bitcoin has largely followed the stock market’s movements this year. However, since the Federal Reserve tightened monetary conditions as part of an effort to battle soaring inflation, the values of riskier assets have decreased.

Bitcoin’s 20-day realized volatility, a measure of daily price variations, has reportedly dropped below the levels of both the Nasdaq and the S&P 500 for the first time in two years, according to research published this week by cryptocurrency data provider Kaiko.

“Bitcoin’s correlation with stocks has turned higher than that between stocks and assets such as gold, investment grade bonds, and major currencies, pointing to limited risk diversification benefits in contrast to what was initially perceived.” #IMFblog https://www.bolnews.com/business/2022/10/bitcoin-price-prediction-todays-bitcoin-price-26th-oct-2022/amp/ https://www.bolnews.com/business/2022/10/bitcoin-price-prediction-todays-bitcoin-price-26th-oct-2022/amp/
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— Gita Gopinath (@GitaGopinath) January 11, 2022

For the first time since October 2020, the Nasdaq has been less volatile than Bitcoin. Additionally, there is no longer any correlation between bitcoin and stocks. Recent declines in the strong correlation have led some digital asset specialists to hypothesise that cryptocurrencies may be decoupling from stocks. BTC also did not increase as much as stocks did previous week owing to decoupling.

According to Arcane Research, the 30-day correlation between $BTC and U.S. stocks has stabilized at about 0.7 over the past five weeks. BTC’s correlation to gold is at a multi-year high, and BTC’s 30-day correlation to the U.S. dollar index has dropped to -0.64. #Bitcoin pic.twitter.com/q5DGyLEK0V
— NekoZ (@NekozTek) October 20, 2022

However, the relationship between Bitcoin and equities is stabilizing again, which might lead to an increase in BTC if the stock market rises further. BTC might increase once more if there is a positive association between it and stocks.

Today’s Bitcoin Price

DATE	BTC	USD
Today	01	20250.29

At $19,250 on Tuesday, the BTC/USD broke the symmetrical triangular pattern, and this price is currently anticipated to serve as crucial support. If there is a bullish crossover over this level, an uptrend can continue until $19,650, and if there is a bullish crossover above this level, BTC can reach $19,950.

If the bullish breakout of the symmetrical triangle results in a continuation of the uptrend, bulls may control the market. A bullish trend is being indicated by the MACD and RSI, which are both in a purchasing zone.

Remain optimistic today over the $19,200 support level. A break below $19,200 might open the door to further selling to $18,950 or $18.650 on the downside. Bitcoin may not experience a 100% increase this month, but after the breakout of the symmetrical triangle, there remains significant upside potential.