BTC Price Slides Downward with a Potential Drop to $19.8K

Bitcoin Approaches the Current Support with a Potential Drop to $19.8K – November 3, 2022

On November 2, BTC/USD fell to a low of $20,055, with a potential drop to $19.8K. The $20,400 resistance level has caused the upward reversal to stall. The simple line is that if buyers are unable to get through the initial resistance at $20.400, Bitcoin could experience more declines.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,107.68
•Bitcoin market cap – $20,107.68
•Bitcoin circulating supply – 19,197,043.00 BTC
•Bitcoin total supply – $423,262,070,763
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price trades above the moving average lines or the $20,000 psychological price level. The rising movement has met resistance below the $20,400 price level after the recent dip above the $20,055 support. It follows that the BTC price will fluctuate within a small range. The current support will be under pressure as a result. As bulls purchased the dips, Bitcoin fell to a low of $20,055 on November 2. To propel Bitcoin to a high of $20,400, buyers fought back.

The upward correction is running into difficulty as Bitcoin drops from its most recent high. The $20,400 resistance level has led to a fall in Bitcoin. In other words, the price of BTC fluctuates within a limited range between $20,000 and $20,400. If buyers succeed in breaking through the resistance above $20,400, the BTC price would rise back to the previous high of $21,022. However, if Bitcoin declines from the current resistance position, the $20,000 support level would be broken. Bitcoin’s range-bound movement will resume between $18,800 and $19,900 price levels.

Microstrategy CEO Reiterates His Belief That Bitcoin Is a “Long-Term” Play – Potential Drop to $19.8K

Microstrategy is the largest publicly traded corporate Bitcoin owner in the world. It declared that as of the end of Q3 2022, it still possesses 130,000 BTC. It claims that this sum, or almost $4 billion, or $30,639 per Bitcoin, was paid for the acquisition of 0.62% of every Bitcoin ever owned. As its CEO declares that it would continue to buy and hold Bitcoin over the long term, the largest corporate Bitcoin holder in the world has reduced its losses in comparison to prior earnings.

Phong Le, the President, and Chief executive officer of MicroStrategy, reaffirmed the company’s long-term holding plan during an earnings call, saying: “We have not sold any Bitcoin to date. To reiterate our strategy, we seek to acquire and hold Bitcoin for the long term. And we do not currently plan to engage in sales of Bitcoin. We have a long-term time horizon and the core business is not impacted by the near-term Bitcoin price fluctuations.”

As a result of the rejection at the $20,400 high, Bitcoin is currently sliding with a potential drop to $19.8K. The $20,000 support will probably be tested again by the cryptocurrency. Bitcoin will revert to its former range-bound range between $18,800 and $19,900 price levels if the current support level is broken.

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