As of October 28, Bitcoin remains calm despite uncertain global economic conditions.
Since breaking out of the $19,000 range a few days prior, Bitcoin has been hovering around $20,200 as of October 28, 2022. The US equities market seems to be moving in tandem with BTC/USD. Right before another decision on interest rates by the Fed while the ECB (European Central Bank) also raises key rates, Michaël van de Poppe from the trading firm Eight opined Bitcoin is actually remaining pretty calm even during these market conditions.
BTC/USD 3 months price chart
For now, the bulls need to take Bitcoin past the $22,000 around resistance for a true rally to begin. A potential support around $21,500 would give BTC/USD room to go up to and past $23,000.
As October nears the end of its last week, Bitcoin is down by 2.51% in the last 24 hours. The $20,700 level, and later the $21,400 levels last seen at the beginning of September might both come in a solid resistance, with the $19,900 range acting as a strong support for BTC/USD.
Meanwhile, Dogecoin is showing some fluctuations due to Musk’s Twitter deal being finalized. DOGE still stands to undergo a correction of about 20% before the end of the year, as the descending trendline of several months shows signs of exhaustion.