Bitcoin
BTC$70 747.30

1.83%

Ethereum
ETH$3 562.88

1.62%

Tether
USDT$1.000047

0.04%

Binance Coin
BNB$583.45

1.48%

Solana
SOL$189.52

1.65%

XRP
XRP$0.624522

2.04%

Bitcoin price nears final hurdle at $12K before bull market euphoria


21 Oct 2020

#Bitcoin

The price of Bitcoin (BTC) had to hold the crucial support level between $11,100-11,300, and it did. After this support test, the price of BTC continued to surge upward on Oct. 20, reaching the crucial resistance area between $11,900-12,200. This upward move came along with weakness in the dollar, as the U.S. Dollar Currency Index (DXY) dropped substantially. A correlation that’s been effective throughout 2020 already.

However, other cryptocurrencies haven’t been following in Bitcoin’s footsteps as altcoins are selling off heavily. Is the attention shifting back to Bitcoin? The weekly is showing one massive crucial level that’s been a hurdle for Bitcoin in the previous years. It’s the resistance area between $11,700-12,300. If that level is broken to the upside, a strong move toward $17,000 is likely to occur.

It would also mean the start of the new cycle with more and more arguments to be made at the beginning of a new bull cycle. However, it doesn’t mean that a breakthrough is imminent as the construction is ripe for further range-bound movements. The main argument for a breakout upward would be the weakness of the U.S. Dollar. The U.S. Dollar has been showing weakness since the massive crash in March 2020, causing the prices of gold, silver and Bitcoin to surge heavily.

The DXY is a great indicator to derive momentum on other “safe haven” assets like gold, silver and Bitcoin. Of course, when there’s a definite crisis occurring on the markets, the run to cash and the dollar is expected.

Altcoins are getting crushed by the recent moves in Bitcoin. Whether BTC goes up or down, it doesn’t matter. Altcoins are dropping like stones.

That’s not entirely a strong signal for the markets as it indicates that the focus is around Bitcoin. The moment that Bitcoin goes up while altcoins are getting sold off means that there’s money flowing from altcoins into Bitcoin. If that occurs and Bitcoin makes a small move, it doesn’t show much strength.

In that regard, markets move in cycles where the fourth quarter of the year is typically a terrible quarter for altcoin investors. History shows that the dominance chart of Bitcoin moving up in that quarter and topping out in December.

Moving forward, It’s very likely to see Bitcoin’s market dominance surge upward from here, with altcoins selling off further. Critical indicators for the markets in the short term are the strength of Ether, and thus altcoins, against Bitcoin and the overall movements of the U.S. Dollar Currency Index.

Source


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.2% 42 $70 747.30 1.83% 8.06% $1 391 385 474 184 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 49 $3 562.88 1.62% 2.11% $427 802 048 122 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000047 0.04% 0.01% $104 459 077 369 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 60% 81 $583.45 1.48% 5.45% $87 246 653 153 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 61.6% 88 $189.52 1.65% 5.62% $84 203 450 543 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.4% 28 $0.624522 2.04% -2.50% $34 276 432 402 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.2% 2 $0.999973 -0.02% -0.02% $32 393 119 264 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 69.6% 66 $0.220042 15.62% 41.73% $31 610 806 562 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 66.8% 65 $0.650620 0.32% 2.92% $23 150 642 891 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 58.4% 87 $54.59 0.84% 1.21% $20 601 976 384 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58% 94 $0.000032 6.08% 17.58% $18 854 404 148 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 59.2% 87 $4.90 -1.21% 20.72% $17 017 490 377 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72% 49 $9.52 0.74% 3.75% $13 582 255 065 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 78% 42 $19.16 -0.71% 3.91% $11 248 559 422 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 70% 59 $569.28 5.35% 37.33% $11 204 606 590 BCH 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.