RATE Group | Bitcoin Price Intraday Analysis: BTC/USD Recovers amid Vulnerability
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Bitcoin Price Intraday Analysis: BTC/USD Recovers amid Vulnerability

01 Nov Bitcoin Price Intraday Analysis: BTC/USD Recovers amid Vulnerability

Posted at 21:10h in Bitcoin News by

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Bitcoin on Thursday is trending inside a narrow trading channel, sustaining the 1 percent gain it made the previous day.

The BTC/USD instrument is rebounding from the highs made during the Wednesday trading session, now 0.67 percent down at 6307-fiat. The high ticks in bitcoin’s volume index somewhat explain how new money has entered the bitcoin space in the past 24 hours. On the other hand, the US Dollar Index was on a downside corrective path on Wednesday, validating investors’ inclination towards redistributing their greenbacks back to markets that have dipped this month.

BTC/USD Technical Analysis

The BTC/USD index since the rebound is targeting the descending trendline forming in the near-term scenario while keeping the 100 and 200-hour moving average curves in sight as the potential upside targets. The momentum indicator RSI has recovered as expected and is now trending inside a neutral sentiment area. The Stochastic Oscillator,…

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