BTC/USD – Brekout to the upside of the tight conlsodation [Video]
![BTC/USD – Brekout to the upside of the tight conlsodation [Video]](https://editorial.fxsstatic.com/images/i/BTC-bullish-animal.png)
Potential for the further rally.
Author
Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
More from Petar Jaćimović
Editor's Picks
Ripple edges higher near $1.30 on Wednesday, building on a broader crypto market recovery wave. The uptick comes amid the US midterm elections, in which the Democratic Party has clinched victory in the Senate and is on track to gain control of Congress.
Bitcoin trades above $78,000 on Wednesday as risk-on sentiment improves in the broader cryptocurrency market. Ethereum mirrors BTC’s recovery outlook, hovering above $2,300. Ripple similarly exchanges hands above $1.28, marking two consecutive days of gains.
Pi Network (PI) is trading in the red on Wednesday, hovering around $0.0755, with a downside risk toward the $0.0704 record low. The retail activity in the derivatives market declines as PI futures Open Interest plunges to nearly $7.50 million.
Bitcoin holds above the key 200-day EMA but remains capped by the 100-day EMA, with a breakout in either direction likely to determine its next directional bias. Analysts remain bullish on BTC but expect a significant price swing in either direction, favoring volatility-based strategies over directional bets.
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.