As Bitcoin passes $20,000, the market is expecting a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing.<\/p>\n
Since the crash of September 13 rattled the global financial system, this is the highest trading price BTC has reached.<\/p>\n
As BTC bulls have been trying to break through this resistance level for almost a month, the breaking of the $20k psychological barrier is a major event.<\/p>\n
To those looking to acquire Bitcoin or add to their existing holdings, however, the breakthrough may serve as a powerful buy signal.<\/p>\n
Perhaps this market uptick is what the cryptocurrency industry needs to end the crypto winter.<\/p>\n
Taking The Bull By The Horns<\/p>\n
CryptoQuant claims numerous indicators can provide reliable buy indications for traders. Depletion of foreign-exchange reserves is one such factor.<\/p>\n
Decreased Bitcoin exchange reserves are an optimistic indicator since it suggests an increase in Bitcoin purchases.<\/p>\n
A shift\u00a0in the outflow of foreign exchange is always a consideration in this context. On October 4, the value of the exchange outflow was $47,655.83.<\/p>\n
A high number for this indicator indicates reduced Bitcoin selling pressure. The fear and green index is also rising, offering investors and traders strong buy signals.<\/p>\n
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.<\/p>\n
Chart: TradingView.com<\/a> Bitcoin\u2019s price increase is not unexpected. Recent reports indicate that Bitcoin is witnessing a prolonged accumulation.<\/p>\n Since September 27, the number of Bitcoin addresses holding between 100 and 10,000 Bitcoins has surged dramatically.<\/p>\n As of this writing, the 7-day moving average is providing dynamic support for Bitcoin\u2019s ascent. Current support is located at $18,548, with resistance at $20,473.<\/p>\n With the current flow\u00a0on the bullish side, we may anticipate a price increase in the coming days.\u00a0Meanwhile,\u00a0Bitcoin is still fighting to surpass the $20,472\u00a0resistance level.<\/p>\n A breach of this price level will eventually drive the price over the 78.60 Fibonacci retracement level, which is located at $21,229.<\/p>\n\n BTCUSD pair loses $20K handle, now trades at $19,954 on the daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from Fintwit, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n As Bitcoin passes $20,000, the market is expecting a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing.<\/p>\n Since the crash of September 13 rattled the global financial system, this is the highest trading price BTC has reached.<\/p>\n As BTC bulls have been trying to break through this resistance level for almost a month, the breaking of the $20k psychological barrier is a major event.<\/p>\n To those looking to acquire Bitcoin or add to their existing holdings, however, the breakthrough may serve as a powerful buy signal.<\/p>\n Perhaps this market uptick is what the cryptocurrency industry needs to end the crypto winter.<\/p>\n Taking The Bull By The Horns<\/p>\n CryptoQuant claims numerous indicators can provide reliable buy indications for traders. Depletion of foreign-exchange reserves is one such factor.<\/p>\n Decreased Bitcoin exchange reserves are an optimistic indicator since it suggests an increase in Bitcoin purchases.<\/p>\n A shift\u00a0in the outflow of foreign exchange is always a consideration in this context. On October 4, the value of the exchange outflow was $47,655.83.<\/p>\n A high number for this indicator indicates reduced Bitcoin selling pressure. The fear and green index is also rising, offering investors and traders strong buy signals.<\/p>\n 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.<\/p>\n Chart: TradingView.com<\/a> Bitcoin\u2019s price increase is not unexpected. Recent reports indicate that Bitcoin is witnessing a prolonged accumulation.<\/p>\n Since September 27, the number of Bitcoin addresses holding between 100 and 10,000 Bitcoins has surged dramatically.<\/p>\n As of this writing, the 7-day moving average is providing dynamic support for Bitcoin\u2019s ascent. Current support is located at $18,548, with resistance at $20,473.<\/p>\n With the current flow\u00a0on the bullish side, we may anticipate a price increase in the coming days.\u00a0Meanwhile,\u00a0Bitcoin is still fighting to surpass the $20,472\u00a0resistance level.<\/p>\n A breach of this price level will eventually drive the price over the 78.60 Fibonacci retracement level, which is located at $21,229.<\/p>\n BTCUSD pair loses $20K handle, now trades at $19,954 on the daily chart | Source: TradingView.com<\/a><\/p>\n
\nExtended Accumulation In The Offing<\/p>\n
\nExtended Accumulation In The Offing<\/p>\n