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Bitcoin Prices Lag Behind Tech Heavy Nasdaq Ahead of Major Earnings

Bitcoin Prices Lag Behind Tech Heavy Nasdaq Ahead of Major Earnings

Tammy Da Costa, Analyst

Bitcoin News and Analysis

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As the longer-term downtrend remains constructive below the 2017 high of $19666, Bitcoin volatility has subsided, driving price action into a narrow range. With US Dollar dominance driving sentiment throughout the year, Fed rate hikes and diminishing growth forecasts have remained the primary catalyst for risk assets.

However, with major tech giants Microsoft and Alphabet expected to release Q3 earnings later today, Meta (formerly known as Facebook) will be reporting earnings tomorrow while Apple and Amazon remain on Thursday's agenda. Despite a slowdown in economic growth and a decline in US consumer confidence for the month of October, rising recession risks have done little to deter US equities.

Most Read: Nasdaq 100 Jumps ahead of Microsoft and Alphabet Earnings - What to Expect?

Although resilient earnings and hopes of a slowdown in the pace of Fed tightening has buoyed gains for NASDAQ, S&P 500 and Dow Jones, Bitcoin has failed to make any major moves outside of its recent range.

Bitcoin (BTC/USD) Daily Chart

Graphical user interface, chart  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

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Provided that bears manage to drive prices below the 18000 psychological level, a retest of the June low at 17592.78 and a break of 16000 could pave the way for bearish continuation back towards 14000.

Bitcoin (BTC/USD) Four-hour Chart

Graphical user interface, chart  Description automatically generated

Bitcoin Key Levels

SupportResistance
S1: 18183 (Current monthly low)R1: 19666 (Dec 2017 high)
S2: 17792.1 (78.6% Fib 2020 – 2021 move)R2: 20000 (Psych level)
S3: 17592.78 (June low)R3: 22718 (September high)

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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