Meanwhile, Bitcoin enters the new week trading around levels over $20,500.
Bitcoin begins the new week trading slightly above $20,500 as of October 31, Monday. Since it witnessed its highest weekly close since around the middle of September, BTC/USD is now trading around higher levels within a macro price range.
BTC/USD 3 months price chart
While the bulls are understandably eager to get the rally going, some market participants still remain cautious regarding a move to macro lows. In the first week of November, the US Fed is once again expected to share its decision on interest rate hikes, which is a key event that stands to impact Bitcoin’s price action significantly.
As of October 31, Bitcoin’s price is down by 1.38% in the last 24 hours. BTC/USD is currently trading above its 20-day EMA (19968.49) and 50–day SMA (19623.94). An uptrend would face significant resistance at the $21,100 and $21,500 levels, respectively, while the $20,200 and further down $19,800 around levels would act as immediate support in case of a downtrend.