Bitcoin Price Prediction: Today’s Bitcoin Price, 1st Nov 2022

The price of bitcoin is trading bearish at $20,244 during the Asian session after being rejected at the $21,000 resistance region.

The value of the major cryptocurrencies was down early on October 28 as the market lost impetus, falling from $1 trillion to $979 billion.

Investors’ attention is still primarily on US monetary policy this week. The political opposition is increasingly questioning Federal Reserve Chairman Jerome Powell on the Fed’s stance on several issues. Sen. Sherrod Brown sent the Fed chairman, who is used to dealing with political pressure, a letter of concern this week.

Today’s Bitcoin Price

The 24-hour trading volume is $48 billion, and the price of one bitcoin is at $20,264. Over 2% of Bitcoin’s value has been lost in the last 24 hours. With a live market cap of $388 billion, down from $398 billion yesterday, CoinMarketCap is currently ranked top.

Although Bitcoin is still moving upward, it has just seen a tiny bearish correction; possibly early investors are collecting 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 downturn.

A negative correction occurred as a result of the RSI and MACD crossing into the overbought region. On the other hand, the 50-day moving average advises purchasing above $19,600. A break of the 61.8% Fibo level would therefore allow the buying momentum to continue to $21,900. BTC might reach $22,500 if the upward trend keeps going.

On the downside, Bitcoin continues to have immediate support around $19,900. Investors may seek a buying position today over the $19,900 mark, or the opposite.

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