Once BTC crosses the $21,000 mark, a solid rally is expected.
Bitcoin might have gotten out of the $19,000 around range in the final few days of October 2022, but as we enter November, Bitcoin has yet to break out of the $21,000 price mark. BTC/USD had rallied right alongside the US stock market, which witnessed gains of 3.4% on October 28. Additionally, the S&P 500 index had also gone up to its highest in over a month around the same time.
According to recent data, inflation might also be slowing down, which led many to hope that the US Fed may now break the pattern of 75 basis-point interest rate hikes in its upcoming meeting. With that, people are remaining bullish on Bitcoin in the upcoming months, as a rally is still expected to take place once Bitcoin crosses the $21k support point.
BTC/USD 3 month price chart
As of November 1, 2022, Bitcoin is trading around $20,600, and the market is up by 0.27% in the last 24 hours. The RSI for the crypto is around 59.78, showing neutral signs, as BTC/USD trades over the 20-day EMA (20013.70). Bitcoin currently faces a solid resistance around the 1 month high of $21,000, as mentioned before.
Meanwhile, ETH is showing gains too, crossing the $1,500 levels as of November 1. ETH/USD is currently trading over its 50-day SMA (1375.71).