As Bitcoin passes $20,000, the market is expecting a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing.
Since the crash of September 13 rattled the global financial system, this is the highest trading price BTC has reached.
As BTC bulls have been trying to break through this resistance level for almost a month, the breaking of the $20k psychological barrier is a major event.
To those looking to acquire Bitcoin or add to their existing holdings, however, the breakthrough may serve as a powerful buy signal.
Perhaps this market uptick is what the cryptocurrency industry needs to end the crypto winter.
CryptoQuant claims numerous indicators can provide reliable buy indications for traders. Depletion of foreign-exchange reserves is one such factor.
Decreased Bitcoin exchange reserves are an optimistic indicator since it suggests an increase in Bitcoin purchases.
A shift in the outflow of foreign exchange is always a consideration in this context. On October 4, the value of the exchange outflow was $47,655.83.
A high number for this indicator indicates reduced Bitcoin selling pressure. The fear and green index is also rising, offering investors and traders strong buy signals.
A rising RSI value may indicate an increase in investor confidence due to recent developments in the cryptocurrency market or the psychological resistance level of $20,000.
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Extended Accumulation In The Offing
Bitcoin’s price increase is not unexpected. Recent reports indicate that Bitcoin is witnessing a prolonged accumulation.
Since September 27, the number of Bitcoin addresses holding between 100 and 10,000 Bitcoins has surged dramatically.
As of this writing, the 7-day moving average is providing dynamic support for Bitcoin’s ascent. Current support is located at $18,548, with resistance at $20,473.
With the current flow on the bullish side, we may anticipate a price increase in the coming days. Meanwhile, Bitcoin is still fighting to surpass the $20,472 resistance level.
A breach of this price level will eventually drive the price over the 78.60 Fibonacci retracement level, which is located at $21,229.
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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investments and naturally investing carries risks. You are advised to conduct your own
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