Bitcoin continues range-bound trading, gains 8% for the week

Bitcoin (BTC-USD) gained ~8% for the week ended Friday, continuing its range-bound movement seen since mid-Jun., amid renewed optimism that lifted U.S. markets as well.Bitcoin (BTC-USD) gained ~6% this month, while ethereum (ETH-USD) climbed 20% for the week and ~17% in Oct. The world's largest cryptocurrency crossed the $20K-mark on Tuesday for the first time in three weeks and has traded a tight range of ~$18K-$24K since mid-Jun. Cryptocurrencies saw $1.2B in short liquidations on Wednesday, the highest in 15 months. In a recent report, CryptoCompare noted that crypto markets rebounded this month amid hopes that the Federal Reserve may pivot toward a less hawkish stance after an aggressive rate-hiking spree aimed at taming inflation. The Fed is expected to raise rates by 75 bps next week.The world's largest digital token by market cap (BTC-USD) inched 0.6% higher to $20.65K at 4.15 pm ET, while Ethereum (ETH-USD) rose 1.2% to $1.56K.Bitcoin (BTC-USD) is nearing overbought territory, with its RSI at ~61. The coin appears to have formed a support level at $20K.Peter Brandt, CEO of proprietary trading firm Factor, told CoinDesk TV that bitcoin (BTC-USD) will likely see further downside for the next three years.The global cryptocurrency market cap currently stands at $1T, down ~0.1% over Thursday, data from CoinMarketCap showed. A recent survey by Fidelity found increased adoption of cryptos by institutional investors during H1 ...