30s Summary

On October 19, Bitcoin’s price hovered around a crucial level which could signal a significant movement, following a rapid rise and drop at $69,000. Noted trader Roman highlighted $68,400 as a key point to watch. Another trader, Rekt Capital, remarked that Bitcoin needs one daily close beyond the resistance for a confirmed breakout. Trading firm QCP Capital noted the substantial amount of institutional investment flowing into Bitcoin and its three-and-a-half-year peak in cryptocurrency market dominance, and predicted a positive market sentiment approaching the US elections. Bitcoin was up 7.7% for the month, matching its September performance.

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On October 19, Bitcoin (BTC) was hovering around a crucial level that could signal a big move, following a rapid rise and subsequent drop at $69,000. Experts observed that after the week’s Wall Street activity, the price action of Bitcoin slowed down a bit.

If you remember, Bitcoin saw a new three-month high the day before, getting extremely close to $69,000 before those gains quickly disappeared. According to Roman, a noted trader, the sudden surge seemed like a knee-jerk reaction of people rushing in to catch the wave.

A tool called CoinGlass revealed large amounts of Bitcoin changing hands around the currently traded price level. Interestingly, Roman mentioned $68,400 as a key point to watch out for, this area has been a big deal since the all-time high in March. He mentioned, “Everyone is watching 68.4k to break the macro range.”

Another trader, Rekt Capital, mentioned that there’s still work to be done for Bitcoin bulls to firmly establish the price range beyond $68,000. “Bitcoin just needs one daily close beyond the resistance to position itself for a confirmed breakout,” he said.

As for October 18, it wrapped up a smidge above $68,400, recording Bitcoin’s highest ending value in four months since June 10.

Looking at broader market trends, trading firm QCP Capital had optimistic views for those rooting for Bitcoin. They pointed out the significant amount of institutional investment flowing into Bitcoin, and its three-and-a-half-year peak in dominance over the cryptocurrency market.

QCP also mentioned the optimistic market sentiment as we get closer to the US elections. They believe that as risk appetite grows, there could be a boost in the value of risky assets including Bitcoin.

As of now, Bitcoin is up 7.7% for the month, on par with how it did in September. But remember, trading and investing in cryptocurrencies carry a level of risk, so always do your research and due diligence before jumping in.

Source: Cointelegraph