Bitcoin
BTC$43 122.17

0.96%

Ethereum
ETH$2 962.21

0.70%

Cardano
ADA$2.26

-3.91%

Tether
USDT$1.000745

-0.03%

Binance Coin
BNB$340.66

-3.81%

XRP
XRP$0.936744

-0.87%

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


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 35 $43 122.17 0.96% -10.21% $811 845 197 142 $32 979 366 396
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 962.21 0.70% -13.01% $348 594 526 258 $21 804 823 841
3 Cardano (ADA) ADA Cardano predictions 62% 80 $2.26 -3.91% -4.61% $72 247 803 034 $5 934 309 942
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000745 -0.03% 0.18% $68 594 041 542 $78 531 944 846
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 69 $340.66 -3.81% -16.81% $57 277 129 248 $1 824 922 046
6 XRP (XRP) XRP XRP predictions 74.8% 52 $0.936744 -0.87% -12.84% $43 762 466 306 $3 480 602 653
7 Solana (SOL) SOL Solana predictions 67.2% 73 $133.73 -5.17% -16.25% $39 755 230 580 $2 355 486 237
8 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000354 -0.02% 0.15% $30 960 831 356 $3 856 410 295
9 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $28.93 -5.79% -14.59% $28 569 978 013 $2 497 931 662
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 77 $0.203541 -2.93% -14.83% $26 754 819 985 $1 484 621 745
11 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 87 $67.70 -4.70% -6.71% $14 914 226 366 $1 215 382 304
12 Terra (LUNA) LUNA Terra predictions 68% 59 $36.55 -4.62% 2.04% $14 617 138 870 $1 673 809 615
13 UniSwap (UNI) UNI UniSwap predictions 66% 74 $22.46 14.19% -8.01% $13 735 517 239 $963 138 296
14 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000428 -0.01% 0.16% $13 695 184 249 $5 414 111 970
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $24.43 6.38% -13.70% $11 115 873 690 $1 892 923 557

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