Bitcoin Price Loses Steam At $20,500, Earnings Season Plays Against Crypto

The Bitcoin price is at risk of returning to its range below $19,500 if bulls fail to defend current levels. The cryptocurrency was trending higher after weeks of consolidation, leading to a spike in positive market sentiment, but optimistic participants might have been fast to proclaim more profits. Related Reading: Solana Recaptures $30 Support; Here Is What To Expect Based On This Indicator At the time of writing, the Bitcoin price trades at $20,400 with a 2% loss in the last 24 hours and a 7% profit over the previous week. Other cryptocurrencies in the top 10 by market cap hint at weakness but preserve their gains on high timeframes. The Bitcoin Price Reacts Poorly To Companies Earnings, What To Expect? Data from research firm Santiment indicates that the recent upside momentum in the Bitcoin price was followed by a spike in on-chain activity. In that sense, BTC’s trading volume and activity reached a 4-month high which usually precedes more significant moves. However, the recent earnings season in traditional markets could cap any bullish potential. Bitcoin and stocks are moving in tandem due to uncertainty in the macroeconomic landscape. Thus, earnings season has significantly impacted the nascent asset class. Today, Amazon (AMZN) and Apple (APPL) published their report on Q3, 2022. Like Meta (META), formerly known as Facebook, the companies failed to meet market expectations. As a result, the Nasdaq 100, the stock index...