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Title : Bitcoin faces tough daily resistance as BTC price matches UK pound volatility


Oct 21, 2022 02:40AM ET

By:AnalysisWatch


The fiat currency's movements are giving the BTC more and more importance, as the major cryptocurrency remains almost stationary.


Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD remained firmly in a range around $19,000 overnight, moving only about $400 up or down.


U.S. stocks opened without significant volatility. This was more focused on the UK, where the pound reacted to the news that Liz Truss had resigned as prime minister.


Chart data circulating on social media at the time of writing showed that the volatility of the pound and BTC had become virtually identical, with the latter already in its lowest volatility period since 2020.


With macro triggers having no impact, analysts marked solid support and resistance levels to keep the price action in check.


"Bitcoin continues to trade in a congested and critical range," Keith Alan, founder of analysis resource Material Indicators, summed up the day.


Alan highlighted two key moving averages (MAs) that are approaching each other and act as trading range resistance boundaries.


"The 21-day MA has confluence with resistance at the trendline from the ATH and the 50-day MA has confluence with resistance at the 2017 high," he explained.


Continuing to investigate the current trading range, Filbfilb, co-founder of the DecenTrader trading suite, had less than encouraging news for the bulls.


According to an analysis of settlement data on the leading Bitfinex exchange, an upside breakout of the range "would not have the momentum that a downside breakout would have."


Based on trader activity, the risk of a significant loss of support remained a real possibility.


Along with a chart of settlements, Filbfilb summarized that "a break above the range will likely be less brutal than one to the downside."

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