It takes a break from time to time: the bulls need to recharge their batteries. Bitcoin (BTC) drops below $ 13,000 today, October 28, 2020, but the bears are not back to school yet – they may hibernate during this winter.
BTC has hit a new high. Bitcoin relies on stablecoins and the dollar to keep it on its way to a new ATH. The bulls could even run much faster.
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The classic of backing up to jump better?
The price of Bitcoin increased 36% in the last 35 days. The BTC has benefited from the support of institutional investors and its perception as a hedge against inflation.
Bitcoin peaked above $ 13,860 today, reaching the peak of July 2019. This resistance line resulted in a pullback below $ 13,000.
The BTC quickly rose above the latter, showing its solidity, its current resilience.
Bitcoin is trading at 13,196 USD as of this writing. The price of Bitcoin corrected 4% on October 28, falling back below $ 13,000.
The current decline is seen as a normal correction after the bullish rally of the past few days, Bitcoin still bullish with the $ 17,000 and then the $ 20,000 in the sights.
An even stronger rally
The CEO of CryptoQuant, Ki Young Ju, warned that inbound volumes of stablecoins on the exchanges were declining.
Joe the Whale had indicated that an explosion in the volume of Tether (USD), is one of the essential signals of a bull run in the BTC.
The BTC must now break through the multi-year resistance zone around $ 13,875. By breaking through this level, the rally could continue its bullish rally. The gains would even be much greater than those recorded in recent days.
IF the dollar continues to devalue, Bitcoin could then easily cross this resistance zone.
A little last before the end of this month of October 2020? BTC may still very well break the $ 14,000 before early November, provided it does not tremble at the expiration of BTC CME futures and the US presidential election. The $ 20,000 remains in the periscope, so a drop below $ 12,000 should not be ignored. Soon a new month, with new hopes and new risks of a major correction.
Litecoin, welcome in the Silver Age