Bitcoin (BTC) continued to consolidate with the third quarter GDP data from the United States this afternoon showing a 2.9% increase in the quarter as inflation continues to slow in the US. It is engaging.
According to the data released by BTC/USD, the first high of $16,895.71 was reached, which was the best level and definitely a little higher than the low of $16,755.91 on Wednesday, while today as of 14:00 The daily relative strength intake is present near a support point of 46.00.
We can here assume and accept that the index is working up to an optimal level of 46.49 and watch it and prepare to break out and move above this point at any point of time and do so If it happens, then the bearish sentiment may return in the market and the price is heading towards $16500.
Of course, despite the potential for higher upside, if we look at this, all momentum remains relatively bearish, and the 10-day red average sits close to the 25-day low average, extending its simultaneous crossover, and as As per what we know, relative index also seems ready for its downtrend as, it failed to break out of its current range at 47.00. There is a possibility that there will be a strong need to move above this resistance, which can generate good returns for the investors. Certainly these fluctuations in bitcoin prices are very important because all these fluctuations are present as factors responsible for returns and for investment and we can say that in the coming days bitcoin will expand and attain a height which is very necessary for it and also very important for the investors.