BTC’s Price Rests on Daily 20 EMA as Bulls Defend the Level

A tweet by Rekt Capital (@rektcapital) posted in the early hours of this morning suggests that the crypto market leader, Bitcoin (BTC), will return to the macro range between $20,000 and $20,300.

#BTC is now dipping in an effort to retest the ~$20000 as support$BTC #Crypto #Bitcoin https://t.co/dOCpGU8mHw pic.twitter.com/mT6BJaHz8Q

— Rekt Capital (@rektcapital) November 2, 2022

According to the tweet, BTC’s return to the macro range between $20,000 and $23,300 is solidified by the new monthly close for the largest crypto by market cap. The Twitter user added that a full confirmation that BTC will return to this macro range will require a short dip in the short-term in the $20,000 level for a retest attempt.

At press time, the price of BTC is trading at $20,343.36 after a slight 0.66% retracement over the last 24 hours, according to CoinMarketCap. This may be the pullback that BTC requires playing out.

Daily chart for BTC/USDT (Source: CoinMarketCap)

Looking at the daily chart for BTC/USDT, the price of BTC has broken below the 9 EMA line to now rest on the 20 EMA line. If this level fails to hold, then BTC is at risk of dropping to as low as $19,500, which is the next key support level.

However, bulls are attempting to defend the 20 EMA level as buy volume dominates over sell volume for BTC today. In addition, the RSI indicator is sloped positively toward overbought territory and is looking to cross bullishly above the RSI SMA line. Should this crop happen, the price of BTC may make its move to the macro range between $20,000 and $20,300.

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