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Last week, the BTC/USD pair had ambiguous dynamics: at first it fell to the area of 20000.00, then it sharply regained its positions, trying to consolidate above the 21000.00 mark, but is currently declining again.

In general, the market continues to be influenced by a number of opposite factors that hinder the determination of a long-term trend. The pressure on the quotes of "digital gold" is still exerted by the monetary policy of the US Fed, whose officials confirmed this week that the cycle of interest rate hikes is far from over, and its pace is not expected to decrease in the near future. On the other hand, the potential for selling crypto assets also looks limited, since investors who want to part with them have already done so. In addition, hopes for the resumption of serious growth in the sector have recently been supported by expectations of active integration of the Twitter platform with the cryptocurrency market under new owner Elon Musk, which will expand the adoption of digital assets among citizens, as well as a successful outcome for Ripple Labs Inc. litigation against the U.S. Securities and Exchange Commission (SEC). In this case, the possibilities of strict regulation of the cryptocurrency market by the department may be significantly reduced.

It is also worth noting that falling prices and a decrease in trading volume during the current year negatively affect the profits of large companies in the sector, which are forced to cut costs and lay off employees. So, last week, the management of the online broker Robinhood announced a decrease in income from operations with digital assets in the third quarter by 12.0%, to 51.0M dollars compared to the same period last year. The cryptocurrency exchange Coinbase reported that as a result of the fall in trading volume, revenue decreased by 28.0% to 576.0M dollars. Experts hope that Q4 will be more successful for the cryptocurrency market than the previous three.   

Technically, the price has signs of forming a short-term ascending channel. With a breakdown of the 20235.00-20000.00 zone (the middle line of the Bollinger Bands, Murray [4/8]), quotes will be able to leave it and continue to decline to the levels of 19375.00 (Murray [3/8]), 18750.00 (Murray [2/8]). The key for the "bulls" are the marks of 21250.00 (Murray [6/8]), consolidation above which will give the prospect of growth to the levels of 21875.00 (Murray [7/8]), 22500.00 (Murray [8/8]).

An upward reversal of the Bollinger Bands and an increase in the MACD histogram in the positive zone indicate the continuation of a short-term upward trend, and a downward reversal of the Stochastic does not exclude a decline, but its potential looks limited. 

Resistance levels: 21250.00, 21875.00, 22500.00. | Support levels: 20235.00, 19375.00, 18750.00.