Another day in paradise for Bitcoin (BTC) which is currently recording a daily gain of more than 5%.
BTC is at a $ 20,000 hurdle; Bitcoin crashes its supports and breaks for the moment without too much difficulty, the resistances in its path.
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The last cloud before $ 20,000
Bitcoin broke the $ 13,200 resistance line today. The BTC broke the $ 13,700 mark.
Michael van de Poppe spoke on this rise, sharing the areas of support and resistance, as well as the likely scenarios for Bitcoin in the next few days.
The last hurdle at $ 20,000 would currently be the resistance zone between $ 13,500 – $ 14,250.
Today’s rise coincides with the devaluation of the dollar, which shows signs of weakness after a failed test of 94.6 points. The rejection caused the dollar to fall to lower levels.
Since the dollar was rejected on September 24, 2020, Bitcoin began a bullish rally that took it from $ 10,500 to $ 13,500.
The BTC earned $ 3,000 during this period; the announcement of Square as for the massive purchase of Bitcoins, and the one at PayPal on the upcoming launch of its crypto services, have doped the bulls.
If the dollar now manages to defend 92.50 points, Bitcoin could see a correction without being bearish.
A test of the supports at the level of $ 13,000 – $ 13,200, as well as $ 12,500, $ 12,000 and $ 11,600, remains possible.
Bitcoin is going the distance, and it’s for its good
Bitcoin is trading at $ 13,709 as of this writing. he recorded a new ATH over 1 year when its price hit 13,480 USD.
The BTC was up 2.5% while the DOW is down 0.23 after plunging 900 points yesterday, October 26, 2020.
The current performance of Bitcoin seem to show a BTC decoupling from the US equity market.
The end of October 2020 is approaching, and so is the $ 20,000. We remain cautious about what to do next, anticipating support tests below 12,000 USD. What if the bulls had decided otherwise? Could the $ 20,000 come sooner than expected and surprise most analysts?
Litecoin, welcome in the Silver Age