Bitcoin Price Prediction for Today, November 5: BTC Price Rebounds as It Rises to $21.4K

Bitcoin Overcomes Initial Barrier at $21K as It Rises to $21.4K – November 5, 2022

BTC/USD reaches a new high on November 5 as it rises to $21.4K. Bitcoin is currently seeing a slight retracement. If Bitcoin finds support above the breakthrough level of $21,022, the present rise will resume. The next resistance for the biggest cryptocurrency is anticipated to be above $22,794.

Bitcoin Price Statistics Data:
•Bitcoin price now – $21,333.82
•Bitcoin market cap – $409,587,736,989
•Bitcoin circulating supply – 19,199,162.00 BTC
•Bitcoin total supply – $447,664,542,077
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin’s (BTC) price is in an uptrend as it breaks the resistance at $21,022. The next resistance level for Bitcoin is anticipated to be $22, 794. As at the time of writing, the price of one Bitcoin is $21,260. As buyers break through the resistance of $21,022, the present upward movement must be accelerated. However, as the market moves closer to the overbought zone, BTC price movement has slowed down. On the plus side, if the current trend continues, Bitcoin will rise to the next resistance level of $22, 794. However, the 14-period Relative Strength Index indicates that Bitcoin is at level 64. At level 70, the RSI will enter the overbought state. However, if sellers show up in the overbought area, the price of BTC will retrace over the $21,022 breakout mark.

After the US and China, Kazakhstan Is One of the Top 3 Locations for Mining Bitcoin – It Rises to $21.4K

After surpassing Russia in February 2021, the oil-rich Central Asian nation of Kazakhstan has been the third-largest contributor to Bitcoin mining for more than a year. As of January 2022, Kazakhstan made up 13.22% of the overall Bitcoin hash rate, coming in third place behind China (21.11%) and the United States (37.84%) in terms of historical dominance. According to data from the Cambridge Centre for Alternative Finance, Kazakhstan contributed 24.8 exahashes per second (Eh/s) of the absolute hash rate (monthly average) along similar timescales.

China and the US each provided 39.6 Eh/s and the US 71 Eh/s. Kazakhstan is heavily dependent on non-renewable energy sources, such as oil (over 50%), coal (28%), and natural gas (17%), according to the International Energy Agency (IEA), which is co-funded by the European Union. This dependence will continue until 2020. The research showed: “Most coal is used for electricity and heat generation, while most oil is used by final consumers, particularly in road transport.”

Bitcoin is currently trading only slightly above the breakout level of $21,022 as it rises to $21.4K. After rising to a high of $21,470, the cryptocurrency has retraced above the breakout level. In order to continue a rally, buyers have recovered above the breakout level.

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