The Bitcoin price rises this ‘upwards’ when BTC barrel passes 20,000 dollars
As Bitcoin crosses $20,000, the market expects a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing.
Since the September 13 crash devastated the global financial system, this is the highest trading price BTC has reached.
Since BTC bulls have been trying to break through this resistance level for almost a month, breaking the $20k psychological barrier is a big event.
However, for those looking to buy Bitcoin or add to their existing holdings, the breakout could serve as a powerful buy signal.
Perhaps this market rally is what the cryptocurrency industry needs to end the crypto winter.
Taking the bull by the horns
CryptoQuant claims that many indicators can provide reliable buy indications for traders. Depletion of foreign exchange reserves is one such factor.
Reduced Bitcoin exchange reserves is an optimistic indicator as it suggests an increase in Bitcoin purchases.
A change in the outflow of currency is always a consideration in this context. On October 4, the value of the exchange was $47,655.83.
A high number for this indicator indicates reduced selling pressure for Bitcoin. Fear and the green index are also rising, giving investors and traders strong buy signals.
A rising RSI value may indicate an increase in investor confidence due to recent developments in the cryptocurrency market or the psychological resistance level of $20,000.
Extended accumulation on the way
Bitcoin’s price increase is not unexpected. Recent reports indicate that Bitcoin is witnessing a prolonged accumulation.
Since September 27, the number of Bitcoin addresses with between 100 and 10,000 Bitcoins has increased dramatically.
As of this writing, the 7-day moving average provides dynamic support for Bitcoin’s ascent. Current support is placed at $18,548, with resistance at $20,473.
With today’s current on the positive side, we can expect a price increase in the coming days. Meanwhile, Bitcoin is still struggling to surpass the $20,472 resistance level.
A breach of this price level will eventually drive the price above the 78.60 Fibonacci retracement level, which is located at $21,229.
BTCUSD pair loses $20K handle, now trades at $19,954 on the daily chart | Source: TradingView.com Featured image from Fintwit, Chart: TradingView.com
