Bitcoin Price Eyes Fresh Upside Break After Fed Interest Rate Hike

Nov 3, 2022 04:00 am Cryptocurrency 140

Bitcoin price dipped a few points against the US Dollar after the fed rate hike. BTC remained supported and might eye a fresh increase above the $20,500 resistance.

Bitcoin corrected further lower and tested the $20,000 support zone.

The price is trading below $20,500 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could a fresh increase if it clears the 100 hourly SMA and $20,500.

Bitcoin Price Dips Further

Bitcoin price struggled to gain pace for a move above the $20,650 resistance. BTC reacted to the downside and traded below the $20,400 level after the fed rate hike of 0.75 bps.

The price declined below the $20,250 support level and traded close to the $20,000 level. A low was formed near $20,059 and the price is now correcting losses. There was a ..

Support the originator by clicking the read the rest link below.