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BTC/USD Resilience Holds as Consolidation Builds

Bitcoin Forecast: BTC/USD Resilience Holds as Consolidation Builds

Bitcoin Talking Points:

  • Bitcoin prices remain flat as resistance firms
  • BTC/USD struggles to break out of the current range but hold long can this last?
  • Support and resistance currently remain between key technical levels of historic moves

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Get Your Free Bitcoin Forecast

Bitcoin Price Action

Bitcoin price action currently remains muted as key technical levels continue to provide a firm barrier of resistance around 19,666. With BTC/USD the daily range currently holding between 18,183 and 19,280 (according to Bitstamp), prices continue to consolidate within a broader zone of technical support and resistance between 17,792 (the 78.6% Fibonacci retracement of the 2020 – 2021 move) and 20,000.

Bitcoin Weekly Chart

Chart prepared by Tammy Da Costa using TradingView

Although stocks have recently experienced elevated volatility and whipsaw price action, Bitcoin’s prices have remained within an important zone of confluency between key technical levels.

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Bitcoin (BTC/USD) Fundamentals

During a period where rampant inflation remains the primary concern for central banks, rising interest rates are likely to persist well into next year. While the Federal Reserve continues to reiterate their intentions to reduce price pressures through quantitative tightening (a policy implemented by central banks to increase interest rates and reduce money supply to tame inflation), stocks and cryptocurrency remain vulnerable to fundamental factors that continue to drive sentiment.

As focus shifts to the release of company earnings and to the Fedspeak schedule, market participants are expecting the Fed to raise rates by a minimum of 75-bps in November, supporting the safe-haven Dollar.

Fedspeak Calendar (Prepared by Brendan Fagan)

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Brendan Fagan discusses this week’s Fedspeak Schedule and what it means for markets

Bitcoin Key Levels

Support Resistance
19,000 (Psychological Level) 19,671 (55-Day MA)
18,293 (Monthly Low) 20,465.75 (Monthly High)
17,597.9 (June/Yearly Low) 22,781 (September High)

— Written by Tammy Da Costa, Analyst for

Contact and follow Tammy on Twitter: @Tams707


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