Bitcoin is cooling its rally — Here are the BTC price levels to watch next

Bitcoin (BTC) consolidated gains connected Oct. 27 arsenic the highest levels successful six weeks gave mode to sideways action.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bitcoin impresses with stableness connected GDP print

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,500 connected Bitstamp aft reaching section highs of $21,012 the time prior.

The largest cryptocurrency treaded h2o successful enactment with United States equities astatine the Wall Street open, with the S&P 500 level and the Nasdaq Composite Index down astir 1% astatine the clip of writing.

The U.S. dollar scale (DXY) meantime began to claw backmost losses connected the day, providing a headwind to hazard assets absent for overmuch of the week. DXY had seen its lowest levels since mid-September.

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

Ahead of a determination connected involvement rates by the Federal Reserve, GDP information showed a rebound for the U.S. system successful Q3.

“This [GDP] fig is weaker successful presumption of the awesome it sends astir the guardant spot of the system than the past 1 was, adjacent though the header was positive,” Eric Winograd, manager of developed marketplace economical probe astatine AllianceBernstein, nevertheless told the Financial Times.

In Europe, the European Central Bank (ECB) raised cardinal rates by 0.75% arsenic expected.

“Big time today, arsenic the ECB comes successful with their argumentation and GDP numbers from the U.S.,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, summarized.

“Honestly, Bitcoin remains calm astatine these levels, would person expected a much important correction since the past push.”

The latest information from CME Group’s FedWatch Tool enactment the likelihood of the Fed copying the 0.75% hike astatine 90.8% connected the day.

Fed people complaint probabilities chart. Source: CME Group

$14,000 instrumentality inactive haunts trader's chart

Analyzing the play BTC/USD chart, fashionable trader Rekt Capital highlighted the portion instantly beneath $22,000 arsenic an important 1 to reclaim should bullishness continue.

Related: A grounds 55,000 Bitcoin, oregon implicit $1.1 billion, was conscionable withdrawn from Binance

“BTC is dilatory approaching the reddish absorption area,” helium wrote successful an update connected Oct. 26.

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Fellow expert Il Capo of Crypto meantime said that $21,500 would request to signifier the ground for consolidation should bulls privation to spot $23,000 materalize.

His “main scenario” remained a reversal to caller macro lows for BTC/USD, these perchance hitting $14,000.

BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.