Bitcoin (BTC) attempted an attack of $ 11,700 before it was rejected today, October 13, 2020. The lights are green: $ 12,000 is still possible for this week. The whales remain off the exchanges for the moment.
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A hello to 11,700 USD before hello to 12,000 USD
Bitcoin made a foray above $ 11,700 at midnight; it then began a big correction that took it all the way to the $ 11,345 level before rebounding.
The BTC is trading at $ 11,413 as of this writing; it records a daily loss of around 1.50%.
It was too early for a boost above the $ 11,700, the $ 11,400 gave way for a while but the bulls were able to recover it fairly quickly.
Bitcoin seems to have fully recovered from the storm caused by BitMEX’s legal woes. The announcement by Square the purchase of $ 50 million in BTC, was enough to relaunch the bullish rally.
October 2020 could hold some nice surprises, but the US presidential elections in November 2020 are causing uncertainty in the financial markets.
We didn’t go over 2 BTC and that’s good!
The CEO of CryptoQuant, Ki Young Ju, reassured in a tweet yesterday, October 12, 2020, that the average of inbound flows to exchanges was ” always in the safe zone “. Below 2 BTC, nothing to report, above, nothing is right.
This average would predict whale activity. It allows to know if high quantities of BTC are transferred to stock exchanges with a view to being sold and therefore, to know if any whales intend to get rid of their Bitcoins.
We should therefore not see a collapse in the price of Bitcoin,the BTC attacking the last resistance lines before $ 12,000.
Bitcoin is demonstrating its strength again and again: the KuCoin hack did not shake it, the downfall that followed the CFTC’s announcement on BitMEX legal issues already seems to be a thing of the past. The bulls have the legs strong enough to reconnect with the $ 12,000. The first attempt towards the $ 11,700 failed but from experience it is known that the first attempt is rarely the right one in BTC markets.
Litecoin, welcome in the Silver Age