ETH Price Prediction: Today’s Eherium Price, 3rd Nov 2022
Ethereum is close to reaching the 78.6% Fibonacci retracement level at $1,594...
Bitcoin Price Prediction: Today’s Bitcoin Price, 3rd Nov 2022
Bitcoin Price Prediction: Today’s Bitcoin Price, 3rd Nov 2022
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After recovering off the $20,265 support level, the Bitcoin price is now approaching $20,534, trading in the green during the Asian session.
The global crypto market cap increased by almost 0.50% to $1.01 trillion the day before, which helped major cryptocurrencies start November 1 in the green. The total volume of the crypto market increased by 22% on the previous day to reach $87.63 billion.
DeFi saw $4.01 billion in total volume, or 4.50% of the cryptocurrency market’s overall 24-hour volume. Stablecoin activity totaled $81.34 billion, or 92% of the total 24-hour volume of the cryptocurrency market.
Ahead of the US Federal Reserve’s monetary policy and rate announcement later this week, the market is generally trading risk-on.
Today’s Bitcoin Price
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| DATE | BTC | USD |
|---|---|---|
| Today | 01 | 20,424.52 |
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Bitcoin Price Prediction
The price of one bitcoin is $20,440, and $44 billion worth of transactions take place every day. During the Asian session, Bitcoin is holding with gains close to 0%. As investors wait for the US Federal Reserve to decide on interest rates, the BTC/USD has increased more than 6% over the past seven days.
Since it continues to trade in line with our forecast for the price of bitcoin throughout the European session, the technical outlook for bitcoin is largely intact.
The Fibonacci retracement levels of 38.2% to 61.8% have been used to construct a broad trading range of $20,000 to $21,000, within which the BTC/USD has been consolidating. However, BTC’s trading inclination is still optimistic.
The current rise is likely to continue, according to the relative strength index and moving average convergence divergence (RSI and MACD), which are still in the bullish zone. Furthermore, the 50-day moving average indicates buying if the price is greater than $19,750.
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Therefore, if the present purchasing trend continues, it might reach a new high of $21,900 if it breaks over the 61.8% Fibo line. The price of Bitcoin may rise to $22,500 if the current trend holds.
The immediate support level for Bitcoin is still close to $20,250. Investors may try to purchase today above $20,250; however, additional purchases may be observed upon a positive breakout of $21,000.
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