Bitcoin (BTC) is facing a major resistance line ahead of a possible push towards $ 14,000.
The last Friday of the month is approaching with the threat of the monthly expiration of BTC options. Candy or Pranks: If BTC relapsed below $ 12,000 it would be a bad taste joke – too tart candy – for bitcoiners.
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The bears draw the ceiling to burst
Bitcoin climbed above $ 13,215 today, October 26, 2020, before dropping to $ 12,820 in 3 hours.
The sharp rise in the 20-day moving average rising to the $ 11,938 level, and the daily, weekly and monthly RSI (14) show a Bitcoin bullish under the control of bulls in recent days.
Bitcoin benefited from the announcement of PayPal which is (finally) embarking on cryptocurrencies. The BTC was able to cross $ 12,300 and climb above $ 13,000 quite quickly.
The $ 13,200 seems to be in the hands of the bears, however, with strong selling pressure at this level.
Bitcoin is trading at $ 12,869 as of this writing. The BTC is currently recording a daily loss of 1.15%.
Halloween BTC: Who’s Afraid of CME Derivatives?
Futures contracts CME expire this Friday, October 30, 2020 when the value of the options BTC is close to $ 750 million, and that open interest in derivatives markets BTC CME exploded.
This monthly event poses a risk of price collapse on the markets BTC. The question now is whether Bitcoin will be able to close this month above $ 13,000, to increase the chances of a continuation of the bullish rally?
The CME is now the second largest futures market BTC, behind OKEx. He dethroned the platform Binance Futures which now occupies third place.
Will we be entitled to another test of the 13,200 USD before the end of this month of October 2020 or do the markets have to decompress even more after the sharp rise in recent days? Will we be entitled or not to a monthly close above 13,000 USD? The bears have woken up, the bulls have already run a lot: it remains to be seen whether the latter still have enough strength to defend much of the conquered ground or whether they will be easily repelled.
Litecoin, welcome in the Silver Age