BTC Price Pauses above $20.2K

Bitcoin Is in a Minor Retracement as BTC Price Pauses Above $20.2K – October 27, 2022

Bitcoin is retracing as BTC price pauses above $20.2K. The current decline may extend to the low of $20,234. The market will resume upward again if buyers defend the current support. On the other hand, if the selling pressure persists, Bitcoin will decline to the range bound zone between $18,800 and $19,900 price levels.

Bitcoin Price Statistics Data:•Bitcoin price now – $20,285.23•Bitcoin market cap – $389,251,912,715•Bitcoin circulating supply – 19,191,256.00 BTC•Bitcoin total supply – $425,986,042,615•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000Bitcoin (BTC) has increased over the last 48 hours but buyers failed to push the cryptocurrency to the previous highs. The bullish trend reached a high of $21,022 yesterday. The cryptocurrency is currently declining as it drops to its prior low, ending the rise. The overbought area was quickly reached by the price of BTC when it broke over the $20K resistance.

On the negative, Bitcoin will drop above the $20,234 support if it declines from the $21,022 high. The probability of the cryptocurrency starting a new rise to test or surpass the price resistances of $21,022 and $22,794 is high. Today, BTC/USD has resumed selling pressure. A break below the $20,000 support level will cause Bitcoin to decline and continue its range-bound move between $18,800 and $19,900 price levels.

Gold’s Link With BTC Indicates That Bitcoin Is Becoming a Safe Haven: BOFA

BofA strategists have indicated that increased correlations between Bitcoin and the S&P 500, Nasdaq 100, and Gold show that investors view BTC as a “relative safe haven.” According to digital strategists at Bank of America, one of the key signs displaying investors’ trust in BTC notwithstanding the ongoing economic downturn is the rise in the correlation between Bitcoin and Gold (XAU). This year, the correlation between Bitcoin and Gold, which is frequently used as an inflation hedge, has increased and reached its highest levels ever.

According to the analysis by BofA analysts Alkesh Shah and Andrew Moss, the increasing correlation trend began on September 5 after remaining close to zero from June 2021 and turning negative in March 2022. The strategists stated, “Bitcoin is a fixed-supply asset that may eventually become an inflation hedge,”. The increase in the BTC/XAU correlation is one symptom of increased investor trust in Bitcoin as a store of value, but it is not the only one.

Meanwhile, Bitcoin has retraced to an oversold region as BTC Price pauses above $20.2K. On October 27 downtrend, BTC price corrected upward and a candle body tested the 61.8% Fibonacci retracement level. The correction implies BTC will fall to level 1.618 Fibonacci extension or $20,235.03.

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