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October 20, 2022 @ 11:28 +03:00
Bitcoin stays under pressure, slipping to $18.9K in low-liquid trading in Asia on Thursday morning, recovering to $19K by the start of the European session.
Volatility remains compressed, allowing BTCUSD to cramp further into the corner of the triangle. We will get formal confirmation of an exit with a move above the previous highs (now near $19.7K) or a dip below $18.8K. According to tech analysis textbooks, a sustained move out of this range will significantly increase volatility and potentially form at least a mid-term trend.
In the third quarter, Bitcoin fell by 1%, showing better dynamics than fiat currencies (except the USD), major stock indices, Gold, and Crude Oil, CoinGecko noted in its quarterly report. At the same time, BTC remains the laggard, having lost 58% since the beginning of the year.
Arcane Research noted that many on-chain indicators signalled that Bitcoin had reached the bottom of the bear market. According to experts, the current values of the indicators “shows an attractive entry point for investors.”
Bloomberg strategist Mike McGlone believes that Bitcoin could become a global reserve asset on par with gold due to the increasing acceptance of cryptocurrencies worldwide and limited supply. In his opinion, the BTC rate will soon consolidate above $20K.
According to the Bitcoin Mining Council, the bitcoin network’s hash rate has increased by 73% over the past year, while energy consumption has risen by 41%.
The European Commission has warned of a possible suspension of cryptocurrency mining in the EU amid an energy crisis. The agency proposed to create a rating system for cryptocurrencies related to their mining environmental impact.
New cryptocurrency Aptos (APT) soared 100 times in the first minutes of trading after listing on Binance. LayerZero announced the launch of the Aptos Bridge blockchain to transfer tokens from other blockchains to the new Aptos network.
The FxPro Analyst Team