However, despite the minor correction, Kitco News analyst Jim Wyckoff on October 28 suggested that bulls are still in control after battling with bears to take charge. The bullish stand by Wyckoff aligns with the projection of crypto trading expert Micheal Van de Poppe. As reported by Finbold, Poppe noted that for Bitcoin to sustain its bullish momentum, the asset needs to stay above the $20,500 zone.
Bitcoin technical analysis
At the same time, a review of Bitcoin’s technical analysis signals bullish sentiment for Bitcoin. Notably, a summary of the asset’s technicals indicates ‘buy’ at 11, with ‘neutral’ standing at nine, while six support the ‘sell’ option. Elsewhere, moving averages at nine are for ‘buy’ with neutral standing at one while selling is backed by five. Finally, oscillators are predominantly neutral at eight, while two are for buy, with one recommending ‘sell.’
Bitcoin price analysis
As things stand, Bitcoin’s short-term rally was a critical catalyst pushing the general cryptocurrency market to briefly reclaim the $1 trillion market capitalization. By press time, Bitcoin was trading at $20,300, correcting by almost 2% in the last 24 hours. Notably, the daily chart shows the price topped $20,700 before retracing. Although analysts are bullish on Bitcoin in the short term, the current high inflation environment characterized by interest rate hikes might influence the asset’s next price action. Indeed, the prevailing macroeconomic conditions are also partly acting in favor of Bitcoin. For instance, the declining British pound sterling (GBP) pushed the currency to undergo significant volatility. This scenario drove investors to opt for Bitcoin, as highlighted by increased BTC-GBP trading volumes. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
