Bitcoin is trading slightly bullish at $19,223 during the European session, having bounced off the support area of $19,000. On October 22, the BTC/USD started the day at $19,175 and fluctuated between a high value of $19,191.00 and a low value of $19,125.
A slew of fundamentals seem to be under BTC demand. Can we expect BTC to surge by 20%? Let’s find out.
Mobile Bank N26 Begins Trading Cryptocurrencies
The German fintech N26, which is worth $9 billion, has added cryptocurrency trading to its mobile app. N26 Crypto’s users will be able to buy and trade 200 cryptocurrencies, including Bitcoin and Ether, beginning in Austria and expanding to other countries in the coming months.
According to the Berlin-based fintech, the Austrian launch responds to “high local demand,” with 40% of N26 customers actively trading or expressing interest in cryptocurrencies.
In the next six months, N26 plans to expand its cryptocurrency trading service to a number of new markets. Customers with verified identities can access N26 Crypto via the “Trading” section of their N26 app’s brand-new “Finances” tab.
As a result, users can buy cryptocurrency with their fiat bank account. Standard accounts have a transaction fee of 1.5% for Bitcoin and 2.5% for other currencies, with additional discounts available to owners of N26 metallic cards. The news is good for the entire cryptocurrency market, especially BTC.
Bitcoin Miners Struggle amid Low Hash Rate & Rising Energy Prices
Energy issues in North America and Europe, combined with the current state of the market, predict another disappointing quarter for Bitcoin mining companies on both continents. The Hashrate Index’s most recent Q3 mining report identified several variables contributing to a significantly lower hash price and higher cost to mine 1 BTC.
Because of the drop in hash price, several miners using mid-range equipment struggle to make ends meet. Retail miners have previously sold or abandoned rigs that could no longer be mined profitably.
According to Hashrate Index, the heat waves of the American summer caused a drop in the hash rate, which coincided with a minor recovery in the price of BTC. In the middle of Q3, it provided some relief for Bitcoin’s hash price.
Fed’s Attitude on Rate Hikes Might Change
Bitcoin’s trading bias remains bearish as analysts claimed that the Fed was changing its stance on rate hikes ahead of the Federal Open Market Committee (FOMC) meeting on November 1-2.
They speculated that the November increase might be the final 75-basis-point adjustment, with smaller ones to follow, citing mainstream media quotes from Fed officials.
“Some officials are more willing to adjust their rate setting to reduce the risk of overtightening,” writes Nick Timiraos, the Wall Street Journal’s top economics correspondent.
Following his remarks, Timiraos was chastised, with some accusing him of leaking market-sensitive information.
But after disagreements about how the Fed should raise interest rates, the price of BTC drops by a lot, but it quickly recovers its lost position. However, a significant drop occurs following disagreements over Fed rate hike policies, with BTC price action reclaiming its lost position.
Bitcoin Price Prediction – Can BTC Surge 20% Today?
Bitcoin is expected to face immediate resistance near the $19,300 level, which is accompanied by a symmetrical triangle pattern. In addition, the 50-day moving average (MA) keeps BTC below $19,250.
A bullish breakout of the $19,300 level could expose BTC to the next resistance level of $19,650 or $19,950. A break below $18,920 support, on the other hand, may push BTC to $18,600 or $18,400 levels.
Alternative – Dash 2 Trade in the Highlights
Since BTC is trading choppily, we can put our money into projects with high returns while the price is low. Cryptocurrency traders, for example, will soon have access to real-time market data, insights, and analysis via the Ethereum-based Dash 2 Trade platform.
The Dash 2 Trade presale, which started on October 20, has quickly reached significant milestones, surpassing $1 million. It’s now over $1 million, and it’s on track to reach a few more significant milestones in the coming hours.
While forecasting the future is difficult, D2T appears to have a very bright future given its strong fundamentals.