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Bitcoin Price Prediction for Today, November 7: BTC Price Slumps and Recoups above $20.6K

Bitcoin Price Prediction for Today, November 7: BTC Price Slumps and Recoups above $20.6K
Bitcoin Price Prediction for Today, November 7: BTC Price Slumps and Recoups above $20.6K

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Bitcoin Reaches Oversold Region as It Slumps and Recoups above $20.6K – November 7, 2022

The price of BTC/USD  reaches bullish exhaustion as it recoups above $20.6K .On November 5, BTC surged to a high of $21,470. The largest crypto has retraced today to a low of $20,605. The bearish momentum has diminished in response to Bitcoin’s decline to the oversold area,. If the $20,605 support persists, Bitcoin will start to trend upward again.

Bitcoin Price Statistics Data:
•Bitcoin price now – $20,727.80
•Bitcoin market cap – $20,727.80
•Bitcoin circulating supply – 19,200,800.00 BTC
•Bitcoin total supply – $435,283,740,222
•Bitcoin Coinmarketcap ranking – # 1

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

At the time of writing, the price of Bitcoin (BTC) had dropped to a low of $20,605 per unit. The biggest cryptocurrency increased to a high of $21,470 before dropping below the critical level. The market reached an overbought phase on November 5, which limited price movement. The $21, 022 breakthrough boundaries have been breached by the price of BTC. The BTC price is anticipated to return to the psychological level of $20,000 in the final sentence. In this case, the biggest cryptocurrency rose to a recent high of $21,470 after falling to a low of $20,078 on November 2. On the plus side, Bitcoin will increase to the next resistance level of $22, 794 if the current trend continues above the $21,022 support.

Trading in Bitcoin and Ethereum Is Now Available at Unionbank of the Philippines – Recoups above $20.6K

One of the biggest universal banks in the Philippines, UnionBank, has partnered with a Swiss cryptocurrency company to provide cryptocurrency trading. The Union Bank of the Philippines, or simply UnionBank, said on November 2 that it has begun a pilot program for custody and trading services for Bitcoin (BTC) and Ether (ETH) for a small group of retail customers. UnionBank, which is authorized and governed by Bangko Sentral ng Pilipinas (BSP), the Philippine government’s central bank, has been actively investigating the cryptocurrency market recently. A stablecoin geared toward payments and pegged to the Philippine peso was introduced by UnionBank in 2019.

Bitcoin Price Prediction for Today, November 7: BTC Price Slumps and Recoups above $20.6K
BTC/USD – 4 Hour Chart

BTC price drops to a low of $20,605 as it recoups above $20.6K. At the $20,800 high, the upward corrective is being rejected. Currently, the price of one Bitcoin is between $20,605 and $20,800. However, BTC/USD is currently below the daily Stochastic’s 20% range. Given that Bitcoin has reached oversold territory, additional price declines are improbable.

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