Shortly after recovering, the cryptocurrency market took another blow with the recent Fed rate hike of 75 basis points, and now investors and traders are wondering about the future of its main asset – Bitcoin (BTC).
Analyzing the bitcoin price chart, crypto trading expert Ali Martinez has identified a key price level for the pristine cryptocurrency that should be held until it recovers, as he explains in his book tweet On November 2nd.
Specifically, he explained that:
“As long as $19,800 is on hold, BTC may have a good chance of recovering to $20,500 or even $21,000.”
Furthermore, Martinez also added that the TD analysis indicates a “buy” signal for Bitcoin.
Previously, crypto trading expert and analyst Michael van de Poppe noted that a bullish continuation can be expected for Bitcoin if it breaks through the bottoms of $20,000, something that happens regularly during FOMC meetings.
Recently, on November 3, Van de Poppe pointed Bitcoin boosted around $20,300 again, expressing his belief that “a rally will occur in the coming months, most likely.” He also noted that the upcoming PMI and unemployment data are important factors to watch.
New titles accumulate billions
At the same time Martinez also I noticed Nine new addresses with between 10,000 and 100,000 BTC have been created on the network in the space of two weeks (or since September 20), with nearly 190,000 BTC worth $3.8 billion raised.
The addition of new holders and big headlines going into accumulation or “hodl” mode traditionally indicates increased interest among cryptocurrency investors and optimism about future price movements, as well as seeing a potential bottom in the market.
Bitcoin price analysis
At press time, Bitcoin is trading at $2,307, down 0.77% over the past 24 hours, as well as down 1.55% over the past seven days, the chart shows.
As it stands, Bitcoin still holds the position of the largest cryptocurrency by market capitalization, which currently stands at $390.01 billion, according to data compiled by Coinphony on November 3.
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The post trade expert determines the key bitcoin price level to hold until it reaches $21,000 first appeared on Coinphony.