Bitcoin
Bitcoin Holds Above Critical Support Level as Bulls Target $14,000
Cole Petersen | Oct 27, 2020 | 18:00
- Bitcoin has seen some further upside today despite the intense selloff seen in the stock market
- This confirms the narrative regarding it now being fully decoupled from traditional assets
- It has also been able to set new yearly highs this morning when it rallied towards $13,500
- If it continues holding above its near-term resistance-turned-support at $13,200, the crypto could soon gain further momentum that leads it up towards $14,000
- This is an intense resistance level that will likely slow Bitcoin’s ascent
- One analyst noted that he is watching for a decline down towards its liquidity at $13,000 before it rallies further
Bitcoin is flashing some signs of intense strength today. While Ethereum and most other altcoins either consolidate or drift lower, BTC just set fresh 2020 highs as its bulls target a move towards $14,000.
Ethereum has been underperforming Bitcoin as of late, but it also tends to lag a day or two behind it when the benchmark crypto pushes higher.
As such, ETH and altcoins may start surging at some point later today or tomorrow – assuming BTC’s rally remains intact.
One analyst is now noting that he is expecting BTC to see some slight turbulence in the near-term, noting that a decline down towards $13,000 would be “healthy.”
He also notes that a break below this level would end Bitcoin’s uptrend.
Bitcoin Pushes Higher as Aggregated Market Consolidates
At the time of writing, Bitcoin is trading up just under 3% at its current price of $13,420. This marks a serious surge from where it was trading just a day or so ago when bears pushed it as low as $12,800.
The support here proved significant and helped catalyze the momentum that has since sent BTC up to where it is currently trading.
Analyst: BTC Must Hold $13,000 or Risk Losing Its Strength
One analyst explained that $13,000 has now become a crucial level to watch in the short-term, as he believes another dip below this level would strike a serious blow to Bitcoin’s technical outlook.
He notes that a wick down to this level could be “healthy” and help incubate further upside.
“BTC LTF. Wick into grey would be nice / healthy imo, wanna see quick buyback from there. Lose grey and I’ll be fully out of longs.”
Image Courtesy of George. Source: BTCUSD on TradingView.
How Bitcoin continues trending in the days ahead should provide some insights into its near-term outlook and into whether a move to $14,000 truly is imminent.
Featured image from Unsplash. Charts from TradingView.
