Bitcoin Price Sees October Peak Above $20,000 as Daily Gains Reach 5%

Bitcoin (BTC) saw its first trip above $20,000 on October 4 as traders anticipated familiar resistance to ceiling gains.

Multi-Week Dollar Low Fuels Bitcoin Bulls

Data from Cointelegraph Markets Pro and TradingView showed that BTC/US dollar rose before the Wall Street open, up over 5% in 24 hours.

The couple had shook off macroeconomic concerns at the start of the week, with problems at Credit Suisse and the escalating conflict between Russia and Ukraine failing to dampen results.

Now, the short-term analysis focused on a run to potentially top out near $21,000 – as was the case late last month, as sell-side pressure at this level remained significant.

“20500-21000 is a selling zone. If the price gets there, which it should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt to escape a large liquidity cloud in as many weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide that saw US stocks finish noticeably higher the previous day.

At the same time, the US dollar suffered, with the US dollar index (DXY) extending losses to approach 111 points and threatening support since mid-September.

“The market is going up,” continued a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight:

“Turn over $19,500 for support. Now, if the range is high at $19,600 for Bitcoin, I guess we will continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) that led daily performance at the time of writing.

Related: CoinShares’ Butterfill Suggests ‘Continued Hesitation’ Among Investors

ETH/USD traded above $1,350, but continued to break out of its sideways trend in place for several weeks since heavy losses came in during the post-merger collapse.

XRP, on the other hand, faced a more stubborn band of resistance after earlier gains, rejecting multi-week support just below $0.45.

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