Bitcoin (BTC) is still looking for a trigger to break past the $20,000 level, having consolidated around the zone for several weeks. The assetโs possible rally has partly been delayed by the prevailing macroeconomic factors, with the flagship cryptocurrency trading in tandem with the stock market.
Notably, both bulls and bears lack a clear advantage at the moment as they tussle for dominance when market participants are projecting that a possible rally is still in play.
As things stand, Bitcoin was trading at $19,200 by press time, with slight gains of almost 2% in the last 24 hours. Notably, Bitcoinโs stabilization around the key psychological level of $20,000 has contributed to the assetโs dropping volatility.
The latest gains come about 24 hours after the cryptocurrency corrected to a low of about $18,700. However, the price has moved away from the key support zone of $18,900. At the same time, according to experts, Bitcoinโs price has been termed as discounted amid the extended bear market.
Bitcoin technical analysis
Based on Bitcoinโs current price, a summary of technicals shows a โsellโ recommendation ranks top at 14, with โneutralโ represented by 10. Only two are for buying the asset.
A breakdown of the technicals highlights a โstrong sellโ for moving averages (MA) at 13, with neutral and buy standing at one. Elsewhere, oscillators are predominantly neutral at nine, with โbuyโ and โsellโ each represented by one.
Expertโs take on Bitcoin
In this line, crypto trading expert Michaรซl van de Poppe has suggested that Bitcoinโs potential breakout is imminent in the coming week, mainly triggered by macroeconomic events likely to impact risk assets like BTC positively.
In a YouTube video posted on October 21, Poppe stated that factors like the upcoming speech by U.S. Treasury Secretary Janet Yellen would impact yields and likely dictate Bitcoinโs next price actions. This comes after the 10-year treasury yield rose to its highest level since 2008.
โWhen we turn around with the yields, itโs going to have an impact on risk and especially Bitcoin will do relatively well. Today, we are seeing that we are still making new highs, itโs decisive how the week is going to end. <โฆ> Yields are going to fall, we most likely are going to climb to the upside,โ Poppe said.
Furthermore, Poppe stressed that data from earnings by big tech firms like Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), and Amazon (NASDAQ: AMZN) would potentially impact the market and provide a chance to build positions.
He also pointed out that the Flash Manufacturing PMI (Purchasing Managersโ Index) for some European countries and the U.S. will be key.ย From Asia, Poppe noted that investors should look out for Chinaโs GDP data and the Bank of Japanโs outlook report.
Bitcoin price action
On the Bitcoin price action, Poppe highlighted that the next position to look out for is the $19,600 zone, and if flipped, it will be a trigger of longs with a focus on $20,700 and $22,100.
Elsewhere, Poppe noted that longs are clear, but if Bitcoin breaks beneath $19,000 and bounces from $18,500, it will be a short trigger and take lows of $17,600.
Disclaimer:ย The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.ย
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