BTC Price Tries Once More to Cross the $21K Barrier

Bitcoin Holds above $20.4K as It Tries Once More to Cross the $21K Barrier – October 31, 2022

BTC/USD is holding above $20,400 as it tries once more to cross the $21K barrier. The price movement has been stable with the appearance of a small body indecisive candlestick called Doji. Bitcoin is confined between the moving average lines. This explains a possible range-bound move for a few days.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,509.87
•Bitcoin market cap – $393,667,721,280
•Bitcoin circulating supply – 19,194,950.00 BTC
•Bitcoin total supply – $429,958,739,471
•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 consolidating above the $20,400 support and below the $21,000 resistance zone. On October 26 and 29, buyers were unable to keep the price above the $21,000 high. Each time the resistance zone is retested, Bitcoin would drop below the psychological $20,000 price barrier. At its lowest point today, the price of one Bitcoin is $20,504.

Bitcoin frequently makes a comeback to the $20,000 support level. Bulls recovered the losses after sellers drove the price of Bitcoin to a psychological threshold on October 28. Bitcoin’s price will fluctuate between $20,000 and $21,000 price levels if the $20,000 support holds. The bears’ support level of $20,000 must be breached for Bitcoin to fall and return to its previous trading range.

Bitcoin Payments Industry Will Be Worth $3.7 Billion by 2031: Research

The expansion of BTC payments will be driven by the hardware and private key sectors as demand from banks and emerging markets increases. According to a report released on October 24 by Allied Market Research, the global market for Bitcoin payments will increase at a 16.3% compound annual growth rate (CAGR) from 2022 to 2031 to reach $3.7 billion. Hardware and private keys will be the major factors driving this growth.

The research states the key causes supporting growth in the sector in the upcoming years are operational demand for efficiency and transparency in payment systems, an increase in data security services, and a spike in demand for remittances in emerging nations. The report also stated: “Furthermore, increase in demand for bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the Bitcoin payments market expansion during the forecast period.”

Meanwhile, Bitcoin is confined in a tight range between the moving average lines as it tries once more to cross the $21K barrier. The cryptocurrency may resume selling pressure if it fails to hold above $20,400 support. Bitcoin may further rise as it is at level 57 of the Relative Strength for Period 14.

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