Bitcoin Price Reaches $19.5K to Weekly Close as Trader Predicts ‘Green Week’
Bitcoin (BTC) saw fresh gains on October 23 as the weekend provided a potential launching pad for the bulls.
$10 Million Liquidations As Bitcoin Goes Higher
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose above $19,500 as the weekly close approached.
Although modest, the $300 move was otherwise noticeable flat trading behaviorBitcoin notoriously bounded on daily time frames.
Now there were high hopes that the market would offer more solid price action in the coming days, $20,000 remains out of reach for over a week.
“Green week ahead, preferably first to close current CME gap,” popular trader Crypto Ed told Twitter followers in an update at the time of writing.
An accompanying chart showed resistance in play around $19,500.
“Still moving higher from the green box. So far rejected exactly on the horizontal,” he added.
Analytics account On-Chain College, meanwhile, noted that even such an hourly increase had managed to trigger a relatively large number of liquidations, and these set a multi-day record.
“About $6 million in Bitcoin Short Liquidations in the last hour. This is the highest short liquidation level in 10 days,” it confirmed together with data from the analysis platform CryptoQuant in the chain.
Weekly close can set several weeks high
In terms of weekly bars, October 23 looked set to be another low light in an increasingly compressed cluster.
Related: Bitcoin Will Soar Above $100,000 in 2023 Ahead of ‘Biggest Bear Market’ – Trader
Should BTC/USD end the week above $19,440, it would still represent the highest weekly close since early September.
In an update, trading suite Decentrader nevertheless described Bitcoin as ‘strong’ comes to an end, with several trading indicators bullish.
“I think the bottom is in for Bitcoin, despite the fact that the majority believe that we will reach $14,000 or lower,” Michaël van de Poppe, founder and CEO of the trading company Eight, meanwhile added in thoughts about the day.
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