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Bitcoin Has Registered Only A False Breakout, What To Expect Next?

Bitcoin slipped lower after failing to make a new higher high but the bias remains bullish in the short term. It was traded at 20,507 at the time of writing. The price action developed a potentially bullish pattern.

BTC/USD dropped by 3.03% from Saturday’s high of 21,078 to 20,439 today’s low. In the last 7 days, the cryptocurrency is up by 6.13% but is down by 1.14% in the last 24 hours. The price could test and retest the near-term support levels before jumping higher.

BTC/USD Retests Buyers!

Exchange Rates 31.10.2022 analysis

As you can see on the H1 chart, the crypto found resistance around 21,012 again and now it has dropped. It has registered only a false breakout and now it was almost to reach 20,381 static support.

As long as the token stays above the uptrend line, it could develop a new bullish momentum.

BTC/USD Forecast!

An upside breakout from the current pattern may signal further growth. A new long opportunity could be confirmed by a valid breakout through the 21,012 level.

Relevance up to 10:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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NamePrice24H (%)
Bitcoin (BTC)
Ethereum (ETH)
Solana (SOL)

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