A nice birthday gift, Bitcoin reaches 12,000 euros for its 12th birthday. The king of cryptos returns to its record levels of June 2019 and achieves its highest monthly closing since 2018.
Bitcoin weekly: the steamroller is on the move
Bitcoin is trading at $13,452 at the time of writing. Bitcoin ended an excellent October with a gain of nearly 28% over the month and thus recorded its highest monthly closing since 2018. The price has remained in an upward channel since May.
In the weekly, the tension is at its height: the closing shows $13,800, and thus the highest prices since June 2019, without yet having broken through. This week's close will tell whether we will hole up widely, or whether the price, on the contrary, is rejected.
Daily Bitcoin: Failure on $14,000
Bitcoin spiked to $14,100 this weekend, surpassing its June 2019 record. However, the king of the cryptomoney industry has failed to confirm that this level has been broken. Sellers have temporarily regained the upper hand and this level is now acting as resistance.
Bitcoin is taking advantage of this to break another record, as it has now been 99 days since the cryptoney has been above the psychological $10,000 mark, something that has never happened in the young history of our favourite cryptoney.
The trend is fundamentally bullish in the medium term. Since the sharp correction in early September, Bitcoin has been breaking through each of its resistances with force, forming troughs and peaks that are getting higher and higher.
The key level at the moment is therefore in the $14,000 range. A further failure on this resistance could herald a correction in the short term. This correction could take us to test the $12,500 support. A return to the 11,100 dollar level is even conceivable, but would not call into question the medium-term uptrend.
God bless Bitcoin
This week, unless you've spent the last few months in a cave, you know that the election of the future American president is at stake. Against the backdrop of the second global wave of Covid-19, a return of volatility on all markets is not to be excluded. The European and American stock exchanges have recently shown some signs of uncertainty that could well contaminate the cryptomoney market.
While it seems extremely difficult to judge the impact of these external factors on the price of the oldest cryptomoney, the uncertainty generated could well lead to an increase in Bitcoin's volatility in the coming days. In this context, caution remains the order of the day, even if most indicators are green for Bitcoin.
For the time being, resistance is organised around Bitcoin. Until the cryptosphere counterattacks and finally takes Bitcoin to the moon?
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