BTC Price Remains above $20.4K While Considering Its Next Move

Bitcoin Halts Decline While Considering Its Next Move – November 2, 2022

Bitcoin turns down from the $21,000 resistance zone but remains above $20.4K while considering its Next Move. The current decline may extend to the low of $19,819. Nonetheless, BTC/USD will regain bullish momentum if price retraces above the moving average lines. Today, The bearish momentum has extended to the low of $20,422.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,419.61
•Bitcoin market cap – $391,981,204,241
•Bitcoin circulating supply – 19,196,312.00 BTC
•Bitcoin total supply – $428,811,809,740
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin’s (BTC) price is trading in the bullish trend zone and below the $21,000 resistance zone. The largest cryptocurrency is facing stiff rejection at the recent high as it gradually declines to the previous lows. On October 29, BTC price declined to the low of $20,439 as bulls bought the dips.

On October 31, BTC’s price corrected upward to the high of $20,833 where it faced another rejection at the recent high. Bitcoin is making a series of lower highs and lower lows. On the downside, if BTC price retraces above the moving average lines, Bitcoin will be compelled to range bound between $20,000 and $21,000 price levels. Bitcoin will decline further to the previous range bound zone if it loses the $20,000 support.

Deribit Crypto Exchange Suspends Withdrawals Following $28 Million Hot Wallet Breach

Deribit, a cryptocurrency exchange, stopped accepting withdrawals after a hot wallet attack in which thieves made off with $28 million in stolen money. Before 00:00 UTC on November 1, Deribit exchange’s hot wallet was compromised, the company announced on Twitter. The exchange highlighted that client assets are secure because Deribit’s reserves cover losses, saying:
“Client assets, Fireblocks, or any of the cold storage addresses are not affected.

It’s company procedure to keep 99% of our user funds in cold storage to limit the impact of these types of events.” According to the spokesman, the hack was the first time since Deribit’s founding that the company has been subjected to such an attack and damages. Deribit, one of the biggest cryptocurrency derivatives exchanges in the world, was founded in 2016 and lets customers trade cryptocurrency futures and options. Deribit currently has a $280 million daily trading volume, based on information from CoinGecko.

Meanwhile, the price movement of Bitcoin has been stagnant as BTC price remains above $20.4K while considering its next move. Since October 31, BTC’s price has continued to maintain its current support level as sellers threatened to sink the cryptocurrency.

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