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Bitcoin Price Prediction as BTC Prepares For 30% Move Up

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at the European session Bitcoin It is trading slightly bearish amid a bearish correction after completing a 61.8% Fibonacci retracement at the $21,000 level. After hitting a six-week high on Oct. 28, the major cryptocurrency lost about $800, or 2%.

At the time of writing, Bitcoin is trading around $20,200, indicating solid trading behavior rather than a significant correction.

Tech Firms Fall 20%, Pushing BTC Price Down

Tech companies saw a massive 20% drop in after-hours trading as Amazon underperformed earnings expectations. More than $230 billion was wiped from Amazon’s market valuation after the market closed. This is the largest decline in history.

CEO Andy Jassy said in the company’s third quarter earnings call:

“There’s clearly a lot going on in the macroeconomic environment, and we’re balancing to make investments more rational without jeopardizing key long-term strategic commitments.”

Amazon’s decline this year illustrates the uncertainties facing tech giants around the world, but it has failed to take similar action in the cryptocurrency market.

The meta also suffered disappointing results, with the stock trading below $100 this week, returning to 2015 levels.

According to economist, trader and entrepreneur Alex Krueger, that’s a dramatic change from the end of 2021, when Netflix’s stock price plummeted as the company’s poor performance.

Is the correlation between Bitcoin and US stocks fading?

Bitcoin (BTC) price is closely related On the value of stocks, especially technology stocks. In the daily timeframe, the connection between Bitcoin, the most valuable cryptocurrency by market capitalization, and the S&P 500, which has a high-tech component, reached 0.73.

BTC & SPX Correlation Diagram – Source: Tradingview

Last week saw a departure from the typical lockstep behavior of Bitcoin and equities, with Bitcoin catching up as the stock market cooled. However, as technology stocks fell, Bitcoin also took a hit, driving the price of BTC down.

Bitcoin Price Prediction As BTC Prepares To Rise 30%

The current Bitcoin price is $20,159 with a 24-hour trading volume of $47 billion. Bitcoin has fallen more than 2% in the last 24 hours. CoinMarketCap is currently No. 1 with a live market cap of $386 billion, down from $388 billion during the Asia session.

Bitcoin Price and Tokennomics – Source: coinmarketcap

Bitcoin’s uptrend appears to be weakening as it fails to break out of the $21,000 key resistance level. You may get

At $21,000, Bitcoin has completed a 61.8% Fibonacci retracement and a candlestick below this level is triggering a bearish correction. The RSI and MACD entered the overbought zone, triggering a bearish correction.

In contrast, the 50-day moving average suggests buying above $19,600. As a result, a breakout of his Fibo level of 61.8% could extend the buy trend to his $21,900 level. If the current upward trend continues, Bitcoin could reach $22,500.

Bitcoin Price Chart – Source: Tradingview

On the downside, Bitcoin’s near-term support level is still near $19,900. Today, investors may seek long positions above $19,900.

A weaker-than-expected economic event in the US and a lower-than-expected rate hike by the Federal Reserve next week could contribute to Bitcoin’s 30% rally. So let’s keep an eye on these fundamentals in the coming weeks.

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Find the best price to buy or sell cryptocurrencies

Cryptocurrency Price Tracker – Source: crypto news

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