However, the $21,000 around resistance is still faced by BTC/USD.
The first of November 2022 ended on a comparatively good note for the crypto markets, with Bitcoin trading at over $20000 and Ethereum at over $1500. Ethereum has been more volatile than Bitcoin, and analysts expect this trend to continue.
A few events marked the volatility of the markets last week, with interest rate hikes by the Federal Reserve and the Bank of England, Twitter’s acquisition by Elon Musk, and a slew of announcements by Solana at Breakpoint 2022. Elon Musk being a proponent of DOGE, the memecoin had rallied considerably post the acquisition of Twitter.
BTC/USD 3 month price chart
At the beginning of the second week of November, Bitcoin is trading around $20800, with BTC/USD down by 1.35% in the last 24 hours. Bitcoin is currently trading above its 20-day EMA (19,887.25), though the $21000 resistance continues to be faced by BTC. In a surprising development, Bitcoin holders have found a supporter in banks opposing CBDCs, which are increasingly being developed by countries worldwide. It remains to be seen how it may span out for crypto as well as banks as institutions continue adopting blockchain technologies at a faster pace.