Bitcoin (BTC) Price Analysis for October 31
Buyers are more powerful than sellers on the last day of the month, according to CoinStats.
BTC/USD
Bitcoin (BTC) is one of the biggest gainers today, rising by 2%.
On the hourly chart, the rate of BTC has broken the local resistance of $110,463. If buyers can hold the initiative and the daily bar closes above that mark, the upward move is likely to continue to the $112,000 zone.
On the longer time frame, the price of the main crypto is far from the key levels. The volume is low, which means traders are unlikely to witness sharp moves soon.
In this case, sideways trading in the zone of $110,000-$112,000 is the most likely scenario.
From the midterm point of view, the situation is similar. The rate is in the middle of a wide channel against the declining volume. In this regard, ongoing consolidation around the current prices is the most likely scenario.
Bitcoin is trading at $110,642 at press time.
