According to CoinMarketCap, Bitcoin (BTC), the market leader in cryptocurrencies, is currently trading at $20,628.11. This comes following a 0.61% price increase the previous day. Additionally, the price of BTC has increased by 6.74% in the past week.
Profit in BTC as a percentage(Source: Twitter)
In related news, on October 30, 2022, the Twitter crypto expert @100trillionUSD released a chart on the social media platform demonstrating that between 55% and 60% of BTC is currently profitable.
BTC/USDT daily chart (Source: CoinMarketCap)
The price of bitcoin is currently slightly above the daily support level of $20,400, according to the daily chart for BTC/USDT. On October 23, 2022, the shorter 20 Exponential Moving Average (EMA) line was bullishly crossed over the daily 9 Exponential Moving Average (EMA) line. The 9 EMA has continued to be above the 20 EMA line ever since.
Related: According to the cryptoverse, Bitcoin wants to sever its ties to stocks.
Together with the $20,400 support level, the 9 EMA line is currently serving as support. As the RSI line is bullishly positioned above the RSI Standard Moving Average (SMA) line, the daily Relative Strength Index (RSI) indicator predicts that the price of BTC will increase somewhat. Furthermore, the RSI line has a positive slope toward the overbought area.
Investors and traders should prepare for a potential drop to the 20 EMA level if BTC closes below the $20,400 level. The closest support, at about $19,500, will be the next target if the 20 EMA level fails to hold.
However, if the $20,400 level holds over the course of the next two days, BTC will probably go for the $21,000 level.
