BTC/USD is trading around the $20,000 mark for a while now, suggesting a new bear market floor.
Freshly into November 2022, as BTC/USD price data starts suggesting a bottom might be in, those bullish on Bitcoin are expecting $20,000 to be the next solid support.
In the past few days, BTC had reached a high of about $21,000, but the BTC/USD pair did not really hold on to that upward momentum. $21,000 remained a resistance Bitcoin could not break, and the rejection is being taken as a sign of a longer bear market by a good number of analysts.
BTC/USD 1 month price chart
Bitcoin has remained around $20,000 for over a week as of November 2, 2022. This is a pretty strong signifier that the $20,000 around levels are going to act as the newest bear market floor in case of a downtrend.
On Tuesday, Bitcoin is trading around $20,400, down by 0.67% in the past 24 hours. Both the 20-day EMA (20040.54) and 50-day SMA (19586.50) for BTC/USD are giving firm buy signals in the meantime. After the $20,000 support zone, the 1-month low of $18,200 around levels might be expected to come into play for Bitcoin.