In this episode of NewsBTC’s daily technical analysis videos, we examine Bitcoin price following the October monthly close and new November candle open. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): November 1, 2022 Last night on Halloween we also had the October monthly BTCUSD candle close, which brought with it the start of a new November monthly candle and a reset of technical indicators. Related Reading: Trick Or Treat For Bitcoin On Halloween Night? | BTCUSD Analysis October 31, 2022 BTC Cost of Production On Par With 2018 Bear Market To start, we are looking at the cost to produce each BTC. Bitcoin is now just about on par with the 2018 bear market for the longest time below the cost of production metric. But this also could suggest at least another month of sideways price action. Bitcoin is below the cost to produce each coin for most miners | Source: BTCUSD on TradingView.com Related Reading: The Inverted Bitcoin Chart Bears Don’t Wanna See | BTCUSD Analysis October 27, 2022 Bitcoin Momentum Is Building Up From Lows Monthly momentum isn’t turning over as fast as it did during the 2018 bear market, leaving some risk remaining that more lows are possible. If the currently pink histogram closes red again, expect a bigger drop. Monthly stochastic is also flipping bullish. Past crossovers have pin-pointed previous bottoms, but there won’t be any bull run until the tool ri...
$285 Million in Bitcoin Shorts Wiped Out
