Bitcoin Price Prediction for Today October 6: BTC Price Is Unstable above $20K Support

Bitcoin Trades Marginally as It Is Unstable above $20K Support – October 6, 2022

Bitcoin has slumped below the 50-day line SMA as it is unstable above $20K support. The largest cryptocurrency may also lose the $20,000 psychological price level. BTC/USD is trading at $20,037 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,037.14
•Bitcoin market cap – 384,181,226,640
•Bitcoin circulating supply – 19,171,625.00 BTC
•Bitcoin total supply – $420,862,797,176
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

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Following its rejection at $20,543, Bitcoin has fallen between the moving average lines. It is trading marginally below the 50-day line SMA but above the 21-day line SMA. The cryptocurrency is likely to be range bound between the moving average lines for a few more days. On the downside, the market will revisit the previous low at $18,200 support if price breaks below the 21-day line SMA. On the upside, Bitcoin will regain bullish momentum if buyers breach the 50-day line SMA and the bullish momentum is sustained.

Bitcoin to Outperform ‘Other Major Assets’ in the Second Half of 2022 – Bloomberg Analyst

Mike McGlone is the senior commodity strategist at Bloomberg Intelligence. Mike indicated that historically October has been the best month for Bitcoin since 2014. According to him, global rate hikes are affecting negatively on asset prices, while Bitcoin is performing better than commodities and tech stocks. He said: “When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index to outperform most major assets.” However, in the past Bitcoin has been highly correlated with tech stocks. Its volatility makes it a risky asset that compels traders to sell in a given situation.

BTC/USD – 4 Hour Chart

Nonetheless, BTC price movement has been stagnant in the last 24 hours as it is unstable above $20K support. The cryptocurrency has been fluctuating below and above the $20,000 support. Bitcoin is trading marginally because of presence of Doji candlesticks.

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