The market expects a strong October as Bitcoin surpasses $20,000 At the time this article was written, crypto trades between $19712 and $22,479
This is the highest BTC trading price since the September 13th crash that rattled global financial markets.
The $20k psychological barrier was broken by BTC bulls who have tried to breach this resistance for nearly a month. This is an important event.
The breakthrough could be a strong buy signal for those who are looking to add Bitcoin to their portfolios or acquire Bitcoin.
Perhaps the market recovery is the catalyst for the end of crypto winter.
Take the Bull by The Horns
CryptoQuant asserts that many indicators are capable of providing reliable buy signals for traders. One such indicator is the depletion foreign-exchange reserve.
As it signals an increase in Bitcoin transactions, a decrease in Bitcoin currency reserves can be interpreted as a good indicator.
A shift in the outflow of foreign exchange is always a consideration in this context. The exchange outflow value was $47 655.83 on October 4.
An indicator with a high value indicates that there is less Bitcoin selling pressure. Investors and traders can also benefit from the rising fear and green index, which provides strong buy signals.
Rising RSI values may be a sign of investor confidence. This could result from recent developments in crypto markets, or because the psychological resistance level at $20,000.
Long-term Accumulation Available
Bitcoin’s price increase is not unexpected. Recently, reports suggest that Bitcoin’s price is rising due to a sustained accumulation.
The number of Bitcoin addresses that hold between 100-10,000 Bitcoins has risen dramatically since September 27.
As of this writing, the 7-day moving average is providing dynamic support for Bitcoin’s ascent. Support is currently at $18,548, and resistance at $20,473.
With the current flow on the bullish side, we may anticipate a price increase in the coming days. Meanwhile, Bitcoin is still fighting to surpass the $20,472 resistance level.
Price levels that are breached will ultimately drive prices over $21,229.
BTCUSD pairs lose $20K handle and now trades at $19 954 on the daily chart. Source: TradingView.com| Source: TradingView.com Fintwit chart: TradingView.com Featured Image