End October in style: Can Bitcoin (BTC) end this month at the $ 14,000 level? BTC faces at least 2 resistances before it can achieve this goal. A test of the supports at levels below $ 13,000 is expected.
Bitcoin: between supports and resistances
The price of Bitcoin fed off the announcement of PayPal on the launch of its crypto services.
The BTC recently crossed the $ 12,000 mark, it has fallen from $ 11,300 to $ 13,300 in recent weeks.
The course of Bitcoin recorded a new 1-year ATH as the US dollar shows signs of weakness.
Analysts believe that all of these factors support a continuation of this bullish movement.
Michael van de Poppe reveals shared on Cointelegraph on October 25, 2020, its analyzes of the supports and the important resistances for Bitcoin.
Bitcoin could now test supports at the $ 11,600 – $ 12,000 level. The BTC has taken 30 months to break through this crucial resistance zone since 2018.
The next areas of resistance would be at $ 13,600-14,000 and $ 16,500-17,000.
Bitcoin However, just faced strong selling pressure to the $ 13,200 level on October 26, 2020.
The market capitalization of BTC Also shows the key levels to watch: a clear resistance zone is between the $ 395 billion and $ 415 billion: a test of the support level around $ 330 billion is likely.
A decisive last week of October for Bitcoin
Bitcoin is on track to try to break the $ 13,200; the BTC is trading at $ 13,136 as of this writing, after an initial showdown with $ 13,200 caused it to drop below $ 12,000 on October 26, 2020.
The BTC faces on Friday October 30 the expiration of the futures contracts CME with options BTC whose value is close to 750 million dollars and open interest rates on the markets CME that explode.
The expiration of the BTC futures contracts is days away from the US presidential elections. This timing could generate significant volatility in the BTC markets. We hold our breath until November 3 or even 4, 2020.
Litecoin, welcome in the Silver Age