Volatility remains compressed, allowing BTCUSD to
cramp further into the corner of the triangle. A formal confirmation of an exit
from the triangle we will get with a move above the previous highs (now near
$19.7K) or a dip below $18.8K. According to tech analysis textbooks, a
sustained move out of this range will significantly increase volatility and
potentially form at least a mid-term trend.

In the third quarter, Bitcoin fell by 1%, showing
better dynamics than fiat currencies (except the USD), major stock indices,
Gold, and Crude Oil, CoinGecko noted in its quarterly report. At the same time,
BTC remains the laggard, having lost 58% since the beginning of the year.

Arcane Research noted that many on-chain indicators
signalled that Bitcoin had reached the bottom of the bear market. According to
experts, the current values of the indicators “shows an attractive entry
point for investors.”

News background

Bitcoin could become a global reserve asset on a par
with gold due to the increasing acceptance of cryptocurrencies worldwide and
limited supply, Bloomberg strategist Mike McGlone believes. In his opinion, the
BTC rate will soon consolidate above $20K.

According to the Bitcoin Mining Council, the bitcoin
network’s hash rate has increased by 73% over the past year, while energy
consumption has risen by 41%.

The European Commission has warned of a possible
suspension of cryptocurrency mining in the EU amid an energy crisis. The agency
has also proposed creating a rating system for cryptocurrencies in the context
of the environmental impact of their mining.

New cryptocurrency Aptos (APT) soared 100 times in the
first minutes of trading after listing on Binance. LayerZero announced the
launch of the Aptos Bridge blockchain to transfer tokens from other blockchains
to the new Aptos network.

This
article was written by FxPro’s Senior
Market Analyst Alex Kuptsikevich.