Bitcoin is now back at its original 20k mark, having experienced a volatile week. Last Wednesday saw the leading crypto reach $20,000 and then climb to $20,000. It quickly fell, closing the day at $19 042, which is a loss of 0.49% from its initial price.
Bitcoin failed to maintain support levels above $20k throughout the week. It has now broken through the resistance, trading at $20370 as of this writing. This is a 4.8% increase in 24 hours. It’s left to be seen if it’ll hold this position in the coming days.
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Bitcoin Breaks 20K With The US Dollar Index
The price of Bitcoin has increased approximately 4.10% over the last day. This puts it above the $20,000 mark. Over the last 24hrs, there was a low price of $19 489 and high of $20 3,370.
This may be due to Bitcoin’s recent volatility, which could also be explained by the US dollar index reaching an all-time high of 114.78 over the last 20 years. However, today’s DXY declineBelow 111 helped cryptocurrency and stock markets recover slightly.
BTC was able to ignore macroeconomic concerns at the start and throughout the week. Credit Suisse has its difficulties Performance was not affected by the Russia-Ukraine crisis. Credit Suisse is the reason that investors seek refuge in BTC. Source: BTCUSD price chart from TradingView.com
BTC (Bitcoin) Prices in Waiting for Bullish Momentum
Bitcoin’s price needs a bullish momentum to push past its resistance. Recent chart trends suggest that we may soon see one. A run with a potential peak close to $21,000 is the short-term focus. This was evident at the close of the last month, as strong sell-side tension lingered at this level.
“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” well-known trader Il Capo of Crypto informed Twitter followersThis is October 4, 2018. The current push is Bitcoin’s seventh effort to escape a huge liquidity cloud in many weeks, according to Razzoorn of The Birb Nest. Bitcoin surged in response to a higher risk market that saw US stocks finish higher on the day before.
Bitcoin holds more People
The number of Bitcoin owners has seen a notable increase despite the bear market for cryptocurrencies. Even though Bitcoin’s (BTC) value has seen extreme volatility in the past year, this is a sign that things are changing.
In fact, Bitcoins are steadily increasing in popularity. IntoTheBlock statisticsIt was estimated that there had been more than 4.5 million bitcoin holdings as of September 27, 2017. Investors continue to trust BTC as an inflation hedge and store of wealth.
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In a year of significant declines, the Bitcoin price has struggled to stay above $20,000 Trade volume reached $42.68 Billion for the third month in a row, which is a significant milestone for traders. The current market price for Bitcoin is currently $20,370 and its 24-hour trading volume stands at $35 million.
Featured image taken from Pixabay. Chart from TradingView.com