{"id":30985,"date":"2022-10-04T12:42:15","date_gmt":"2022-10-04T12:42:15","guid":{"rendered":"http:\/\/egrowonline.com\/?p=30985"},"modified":"2022-10-04T12:42:15","modified_gmt":"2022-10-04T12:42:15","slug":"bitcoin-price-sees-first-october-spike-above-20k-as-daily-gains-hit-5","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=30985","title":{"rendered":"Bitcoin price sees first October spike above $20K as daily gains hit 5%"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Multi-week dollar lows fuel Bitcoin bulls<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.<\/p>\n

The pair had shaken off macroeconomic concerns<\/a> at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.<\/p>\n

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 \u2014 as was the case late last month, as sell-side pressure at that level remained significant. <\/p>\n

\u201c20500-21000 is a sell zone. If price gets there, which should, don\u2019t be too bullish,\u201d popular trader Il Capo of Crypto told<\/a> Twitter followers on the day.<\/p>\n

Razzoorn, an analyst at international trade group The Birb Nest, noted<\/a> that the current charge was Bitcoin\u2019s fifth attempt at escaping a major liquidity cloud in several weeks.<\/p>\n

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior. <\/p>\n

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.<\/p>\n

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cUp the market goes,\u201d a more optimistic Micha\u00ebl van de Poppe, CEO and founder of trading platform Eight, continued:<\/p>\n

\u201cFlipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we\u2019ll continue towards $22,400.\u201d<\/p><\/blockquote>\n

Altcoins attempt to change sticky trend<\/h2>\n

Across major altcoins, it was Ether (ETH<\/a>) and Ripple (XRP<\/a>) leading daily performance at the time of writing.\u00a0<\/p>\n

Related:\u00a0CoinShares\u2019 Butterfill suggests \u2019continued hesitancy\u2019 among investors<\/a><\/em><\/strong><\/p>\n

ETH\/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown<\/a>.<\/p>\n

ETH\/USD 1-day candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n

XRP, on the other hand, faced a more stubborn band of resistance<\/a> after prior gains, bouncing off multi-week support just below $0.45.<\/p>\n

XRP\/USD 1-day candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Multi-week dollar lows fuel Bitcoin bulls Data from Cointelegraph Markets Pro and TradingView showed BTC\/United States dollar climbing prior to the Wall Street open, up over 5% in 24 […]<\/p>\n","protected":false},"author":1,"featured_media":30986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[8526,50,473,615,133,9607,195,1709,1760],"class_list":["post-30985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-20k","tag-bitcoin","tag-daily","tag-gains","tag-hit","tag-october","tag-price","tag-sees","tag-spike"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/10\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNTZjZmUxMmMtOTY1Ny00ZDFlLWE1ZmItM2Y4ZDk5YjQ1MzU4LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30985"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30985\/revisions"}],"predecessor-version":[{"id":30987,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30985\/revisions\/30987"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/30986"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30985"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}