FX.co ★ Short-term analysis on Bitcoin for October 28th, 2022.

Red line - support

Bitcoin is trading around $20,500. Relative to the last few weeks, the upward movement from $19,000 to $20,500 stands out as price has broken a multi week trading range. Taking a longer-term look on the chart by zooming out we observe that although the bounce is visible, no key resistance level has been broken.Price remains below both September and August highs. Relative to the March highs, Bitcoin price has not retraced more than 23.6% of the decline. This is promising as the upside potential is important and at the same time price is very close to its key support, shown by the horizontal support line. As long as this is the case, bulls have hopes for a bounce towards $30,000.