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Bitcoin November 3, 2022 – Exhaustion


A piece of soufflé – The $20,000 is resisting the onslaught of the US Federal Reserve (FED). The price of Bitcoin (BTC) was recorded for a day in the red, as this indicates the strengthening of the efforts of a long bullish recovery.

This Bitcoin price analysis is brought to you in collaboration with CryptoTrader™ and sa algorithmic trading solution finally accessible to individuals.

$20,000 retest after Fed pressure

Bitcoin price falls as low as $20,073 on Bitfinex today, November 3, 2022. Cryptocurrency traded at $20,251 at the time of writing this article. They currently have a mini win ratio of 0.31%.

At the moment, Bitcoin seems to have retested with successes in support of the $20,000 environment, following announcements from the US Federal Reserve on a 75 basis point house interest, for this month.

The cryptocurrency thus remains in this macrorange From $20,000 to $23,300, Bitcoin is selling after the October cloud.

Publication of Rekt Capital – Source: Twitter

What about hopes for an upcoming 50 basis point hike?

While the FED indicated on November 2, 2022, that it is raising the target range for the federal funds rate to 3.75% – 4%, data provided by the CME FedWatch Tool shows that the probability of an upcoming hike to 4.25% – 4.50% currently 47.2%versus 52.8% for the range of 4.50% – 4.75%.

The relative markets are therefore much more on another 75 basis point increase, rather on a 50 basis point increase. The second scenario could however make the macro environment assess in favor of Bitcoin.

Bitcoin Price Ready for Further Highs in the Face of Exhausted Sellers?

On-chain data provides quantum clues to the potential direction of Bitcoin’s next moves. Glassnode has published a graph which shows that the constant exhaustion of sellers Reached its lowest level since November 2018.

This constant is an indication that reaches relatively low levels, “when the will is weak, more than the losses made on the chain are high”.

Bitcoin November 3, 2022 – Exhaustion
Glassnode ticket – Source: Twitter

Glassnode points out that when this indicator has dyed similar levels to its current level in the past, in six out of seven cases, such a low seller exhaustion constant has preferred “ volatility at home “.

Bitcoin manages to hold above a crucial zone. After this FED announcement, is the cryptocurrency ready to reattack resistance around the 100-day moving average, around $20,745?

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