Bitcoin Reclaims $20K Mark After Getting Hammered Last Week
October 04 2022 - 5:56PM
NEWSBTC
Bitcoin has managed to reclaim and break through its 20k mark after
experiencing a turbulent week. The leading crypto was seen at the
doors of $20,000 last Wednesday, going up to $20,200. However, it
quickly dropped, ending the trading day at $19,042, a 0.49% loss
from its starting price. Throughout the week, Bitcoin has tested
support levels over $20k but failed to hold on to them. But as of
writing, it has broken the resistance and is now trading at
$20,370, a 4.8% 24-hour increase. It’s left to be seen if
it’ll hold this position in the coming days. Related Reading:
Dogecoin On Fire, Rallies After Elon Musk-Twitter Deal Confirmation
Bitcoin Tests 20K Thanks To The US Dollar Index Over the past day,
the price of BTC has increased by about 4.10%, effectively breaking
above the $20,000 threshold. We saw a low of $19,489 and a high of
$20,370 in the past 24 hours. Bitcoin price movement in the past
weeks may be attributed mostly to the US dollar index reaching a
20-year high of 114.78. However, today’s decline in the DXY index
below 111 has helped stock and cryptocurrency markets rebound
slightly. At the beginning of the week, BTC had brushed off
macroeconomic concerns. Difficulties at Credit Suisse and the
intensifying crisis between Russia and Ukraine failed to dampen
performance. As a matter of fact, investors are seeking solace in
BTC due to the Credit Suisse situation. Bitcoin (BTC) Price Awaits
Bullish Momentum Bitcoin’s price needs a bullish momentum to push
past its resistance. And according to recent chart trends, we might
get one soon. The short-term analysis focuses on a run that may
potentially peak out closer to $21,000. This was the case during
the end of the previous month when strong sell-side pressure
lingered at that 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 followers today, October 4th. 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 following a larger risk market wave that saw US
stocks end higher the day before. More People Holding Bitcoin
Despite the current bear market in cryptocurrencies, there has been
notable growth in the number of Bitcoin holders. This is coming
even though the value of Bitcoin (BTC) has experienced tremendous
volatility this year. As a matter of fact, the number of people who
keep Bitcoins has been consistently increasing. IntoTheBlock
statistics show that as of September 27, there were over 4.5
million new Bitcoin holdings. This is because investors continue to
find comfort in BTC as a store of wealth and inflation hedge.
Related Reading: Ren Protocol Breaks Out, Is This Be A Relief
Bounce? The price of Bitcoin has had a difficult time staying over
$20,000 in a year marked by significant drops. However, trading
volume recently reached a three-month last Thursday at $42.68
billion, marking a bullish milestone for traders. Currently, the
market price of Bitcoin is $20,370, and the 24-hour trading volume
is $35 million. Featured image from Pixabay and chart from
TradingView.com
Amp (COIN:AMPUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Amp (COIN:AMPUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024
Real-Time news about Amp (Cryptocurrency): 0 recent articles
More Amp News Articles