Bitcoin Price Analysis: 20479 in Sight - 7 October 2022

BTC/USD Poised to Challenge 20479:  Sally Ho's Technical Analysis – 7 October 2022   Bitcoin (BTC/USD) remained buoyant early in the Asian session as the pair worked to remain above the 20323.33 level, representing the 78.6% retracement of the depreciating range from 20479.43 to 18750.   Recent selling pressure emerged around a multi-session high around the 20479.43 area, representing the 23.6% retracement of the recent appreciating range from 18923.81 to 20479.43 area.

Timeline of Bitcoin

Mike McGlone, a commodity strategist at Bloomberg Intelligence, said in a Wednesday LinkedIn post that bitcoin may have already reached its lowest point and could start to increase in value this month. According to him, October could see bitcoin potentially perform better than most major non-crypto assets such as gold.

Bitcoin maximalist Michael Saylor used the Lightning network to send 3 million sats (0.03 BTC) to three winners of his Lightning meme contest. The post Saylor gives away BTC via lightning network appeared first on CryptoSlate.

Grayscale, a crypto asset management company, has announced the introduction of Grayscale Digital Infrastructure Opportunities (GDIO), a private co-investment opportunity in the mining hardware that drives the Bitcoin ecosystem. The new investment product centred on Bitcoin mining hardware attempts to “capture the upside of crypto winter” by leveraging the decline in cryptocurrency prices.

Marathon Digital Holdings, Inc (NASDAQ: MARA) spiked up over 6% after the market opened Thursday before running into a group of sellers. The stock was outpacing Bitcoin (CRYPTO: BTC), which was trading near to flat.

Marathon invested a total of $31.3 million in its hosting provider Compute North, which filed for bankruptcy last month. The post Bitcoin miner Marathon's investments in bankrupt Compute North totaled $31.3 million appeared first on The Block.

The market is currently attempting a recovery that might take the price up to $22K after being supported by the critical $18K level. However, there is significant resistance at around $20K.

No thanks to the worsening macroeconomic conditions, the cryptocurrency market was severely beaten down in the last quarter, a new report from Cryptorank (an analytics platform) showed.

Perhaps the crypto community has historically not hoped for a Bitcoin bull run more badly than in the current cycle. In the space of just four weeks, Bitcoin (BTC) price rose above the important milestone of $20,000 on four occasions.

The global crypto market cap on Thursday increased by 0.94%, reaching $964.04 billion during the early European session. Contrarily, the 24-hour volume of all cryptocurrencies has dropped to $60.15 billion, a decrease of 0.90% from the previous day. However, major cryptocurrencies were trading in a narrow range. 

Bitcoin has been the crypto king and is known as the most dominant cryptocurrency in the crypto industry since its inception in 2011. It has grabbed the attention of investors to become the first choice for bringing overwhelming ROI (return on investment) during the bull run.