Bitcoin bulls hold the advantage over bears despite price resistance in the sideways position

After showing symptoms of surpassing the $21,000 milestone, Bitcoin (BTC) fell marginally during the early trading hours of October 31, but the first cryptocurrency has maintained to maintain its position above important levels.

Notably, Bitcoin and the crypto market as a whole enjoyed a slight bounce after a week filled with macroeconomic events around corporate results.

Following the small decline, Kitco News analyst Jim Wyckoff said on October 31 that Bitcoin bulls still have a ‘near-term technical edge’ over bearish.

In light of the recent price fluctuation, Wyckoff advised investors to anticipate Bitcoin to trade sideways as bulls and bears engage in a tug-of-war.

Following the downturn, Bitcoin’s technicals look unstable, with the summary mostly aligning between buy and neutral. Notably, “neutral” is rated nine, while “purchase” is rated ten. For moving averages, ‘buy’ ranks highest at nine, whilst ‘neutral’ rates most for oscillators at eight.

Despite continuously trading over $20,000 for the first time since early September, the current price of Bitcoin still faces the prospect of extreme volatility. Bitcoin has moved in tandem with equities against the background of prevalent macroeconomic variables, headed by inflation and interest rate increases.

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