With the event, Bitcoin has peaked above its performance in the past three weeks.
At long last, Bitcoin has finally gone over the $20,000 mark on October 25, Tuesday. With this move, Bitcoin has hit its highest in three weeks; this counts as Bitcoin’s first foray over the $20,000 around resistance since October 7.
BTC/USD 3 months price chart
The BTC/USD move accompanies the rise in the US equities market, which in turn follows the value loss of the US dollar against several other trading partner currencies yesterday.
The CEO of Eight, Michaël van de Poppe- one of the analysts who have remained positive on Bitcoin all along, opines, “Finally, the volatility will kick in… Bitcoin is ready for that relief run. Long and strong.”
Yet more data from Coinglass brings to attention the sheer extent to which the crypto market was short on the day. According to their estimations, short-position liquidations for BTC was around $165 million, which accounts for a several months high, and the number is still going up.
As of the middle of the last week of October, BTC is trading over $20,600. Further, Bitcoin is up by 6.96% in the last 24 hours. BTC is currently trading above its 50-day SMA ($29629.60), and the $21,700 levels last seen in September might come into play as the next firm resistance point for the crypto.