Bitcoin Price Above $21k; Will a New Support Form?

The bitcoin price has moved above its $21k resistance after the arrival of the US Jobs Report revealed better-than-anticipated statistics. Labor participation has gone through only a little change, and the unemployment rate is marginally above what economists previously predicted. Add to that, the number of new jobs generated in October is also above what many thought it would be. 

The anticipation led to a positive impact on the bitcoin price action. It has moved past its psychological resistance of $21k and is still holding strong at its psychological support of $20k. But will it hold up?

Bitcoin Price Prediction: How Long Can it Remain Above $12k

The crypto market is currently erratically volatile, and investors were pinning their hopes for Bitcoin rallies on the FOMC minutes and the recent release of the US Jobs Report. And thanks to somewhat positive news, Bitcoin’s price has surged above $21k. 

At the time of writing, Bitcoin is trading at $21,388 and is up 3.90% in the last 24 hours, reinforcing the whipsaw action that led it to make a bullish engulfing pattern. However, the general crypto community is still apprehensive about this rise since Bitcoin has been in a range-bound pattern between $18k and $20k for a very long time. 

According to the hourly trading chart, Bitcoin price has been moving upward since November 3 at midnight, painting more green candles than red. And since November 4 at 6:00 am, bitcoin is moving above the $20.4k mark, with no bearish wick touching that level. 

However, that doesn’t mean $20.4k is the new psychological resistance for the world’s leading crypto. 

While bulls were pushing up the Bitcoin price until midnight of November 5, the hourly charts show they are now attempting to keep Bitcoin above $21.2k. 

Furthermore, the RSI (relative strength index) shows that the crypto is trading dangerously close to the overbought zone, which signals a possibility of a retrace. 

Short-term volatility is still present according to the hourly charts, but at the time of writing, the psychological resistance is at $21.4k. If bitcoin can cross this level, it can further move to test $22.8k. 

Bitcoin Price still Extraordinarily Cheap – Yardstick indicator

Investors who think traditional indicators are too dogmatic and difficult to understand are not moving toward the yardstick indicator. Calculated by dividing the market capitalization of Bitcoin by its hash rate (normalized over two years), the Yardstick indicator states that Bitcoin price is still relatively low. 

Here's an application of the Bitcoin Yardstick which identifies when Bitcoin is:

– Cheap: Yardstick > 1 deviation under the mean
– Risky: Yardstick > 2 deviations above the mean
– Expensive: Yardstick > 3 deviations above the mean

3/6 pic.twitter.com/ZVabEBQD3x

— Charles Edwards (@caprioleio) November 2, 2022

That means Bitcoin is undervalued at the movement and has been that way since June 21, 2022. 

The graph below shows cheap prices traced under the green zone. As you can see, as soon as Bitcoin prices left the green zone, they experienced significant gains. However, this is not the indicator of whether the Bitcoin price will continue to rise. It can continue to drop and will remain in this zone. And once the psychological bottom arrives, a major upsurge can happen. 

Bitcoin Price is Still Volatile, So look for Stable Presale Options Like Dash 2 Trade

Bitcoin is a great crypto asset to hold since the entire altcoin market follows its path, but you might want to invest in crypto with a lot more utility – like Dash 2 Trade, 

Dash 2 Trade is a utility-based cryptocurrency aiming to make advanced crypto trading analytics and research tools accessible to ordinary traders. 

Based on its utility alone, Dash 2 Trade can become the next 50x crypto asset for the early movers. Dash 2 Trade is currently in its presale round and has raised upwards of $5 million within a few days. If you want to become an early mover with access to definite gains from its presale stages, you should join the presale today. 

In addition to social trading, strategy building, and auto trading utilities, Dash 2 Trade also offers presale crypto assessment. It is the first-of-its-kind manual assessment for presale cryptocurrencies so traders from all walks of life can get a chance to move early. 

If you’re interested in Dash 2 Trade, you better get USDT or ETH. 

Crypto Assets with Major Upsides

Besides Dash 2 Trade, there are two coins on every presale-seeking investor’s radar. 

The first one is IMPT, a green crypto set to revolutionize the carbon credits trading system by making it more transparent and inclusive. It allows ordinary traders to become part of the carbon credits economy and aims to make environmentally conscious decisions daily in people’s lives. 

Another one is Calvaria, a hearthstone-inspired battle-card game in the blockchain space standing to give tough competition to the likes of Axie Infinity and Gods unchained. It is also on presale and has raised over $1.4 million – better check it out too.