Cryptocurrencies

Bitcoin (BTC) on October 24, 2020

Bitcoin (BTC) resumed its ascent today, October 24, 2020. We did not finally get a correction that would have tested the support at the $ 12,300 level. Will Bitcoin be able to cross $ 14,000 before the end of this month? This last week will be decisive not only for Donald Trump and Joe Biden, but also for Bitcoin – who is not a candidate for the US presidential elections.

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We hear from the whales

Bitcoin climbed back above $ 13,000 today, after closing below yesterday, October 23, 2020.

Data from Whalemap show the existence of 3 levels of resistance or major support – it depends on whether Bitcoin is above or below : $ 11,857, $ 12,256, and $ 12,868.

Whales have accumulated Bitcoin between $ 11,000 and $ 12,000, an accumulation motivated by the rally of recent days.

The price of BTC recently reached a new 1 year ATH; October 22, 2020, Bitcoin closes the day above 12,900 USD, the last time was almost 3 years ago.

A decisive week in sight

The BTC may close this week of trading above $ 13,000 in a few hours. Bitcoin records a weekly increase of 15.42%.

For the record, the BTC had recorded a weekly increase of 21.51% during the trading week of July 26, 2020. Bitcoin has not closed below $ 10,000 since.

The daily RSI (14) currently stands at 80; the weekly RSI (14) is close to 70. Technically, a reversal of the current trend over these periods is imminent.

Bitcoin needs another push from an exogenous factor to get past the current “technical ceiling”.

In an interview with Cointelegraph Markets, Max Keiser indicates a victory by Joe Biden would lead to a greater rise and a faster rise for Bitcoin, than in the event of a victory of Trump.

We begin this Monday the last week before that of the US presidential elections. The dollar could likely experience major swings while awaiting the results.

The situation is all the more aggravated by the gradual re-containment in the countries of the North due to the second wave of covid-19.

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A devaluation of the dollar this week could very well help the BTC to cross the 14,000 USD, and accelerate the current rally.

Will PayPal ultimately be the actor that unleashes Bitcoin’s bull run to $ 20,000 and above? This time it’s gone for good, right?

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