Tag: 13K

Bitcoin monthly candle closes above $13K for the first time since 2017

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The monthly candle of Bitcoin (BTC) for October has closed above $13,000 for the first time since December 2017. It comes after both daily and weekly candles all closed above the crucial resistance level. Traders often use the monthly log chart to evaluate the long-term and macro trend of an asset. On a monthly chart, each candle represents a whole month of trading activity. As such, a Bitcoin monthly log chart typically covers many years of trading activity. The monthly chart is considered to be one of the main high…

Up or down? These Bitcoin price levels hint at the next move from $13K

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Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout. Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar Currency Index (DXY). In other words, investors are flying towards the USD…

Bitcoin bulls set to defend $13K as $450M in BTC futures expire Friday

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A total of 62K Bitcoin (BTC) options are set to expire this Friday, and this is equivalent to $830 million in open interest. These massive numbers fail to reflect the fact that 58% of these options are now deemed worthless. As we approach the expiry date, call (buy) options above the current level begin to depreciate very fast. It is not worth paying $20 for the opportunity to buy BTC at $14.5K on Friday morning. Therefore, rolling options to the next month is not that helpful. October BTC options pricing.…

Whale cluster at $13K is now a support zone

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According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales — or large BTC holders — are continuously accumulating. Whale clusters form when a large number of BTC are transferred to a new address and the BTC is unspent. This indicates that whales either bought or transferred their BTC to other whales, signifying buyer demand. A large whale cluster has emerged at the $13,000 level, which could turn into a key support level. A…

Why Traders Are Not Convinced $13k is the “Top” For Bitcoin

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The $13,000 level is considered the most important resistance area for Bitcoin in the short to medium term. Yet, many technical analysts and traders are not convinced it is the peak for the dominant cryptocurrency. The performance of Bitcoin over the next week could heavily affect how it performs until the year’s end. For now, traders anticipate the upside momentum of BTC to continue for several key reasons. The monthly price chart of Bitcoin. Source: BTCUSD on TradingView.com Consolidation Under a Major Resistance Area is Not a Bearish Pattern In…

First Mover: Bitcoin Steady Over $13K as JPMorgan Has Eureka! Moment

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Bitcoin was higher, appearing to hold above $13,000 for the first time since January 2018.  But the most drama in crypto markets came after an exploit of the decentralized finance protocol Harvest Finance sent the platform’s native FARM token tumbling by 65% in less than an hour. In traditional markets, European stocks slid as Spain declared a COVID-19 state of emergency and Italians were urged to stay home. U.S. equity futures pointed to a lower open on signs of a resurgence in the coronavirus and dimming hopes for a big stimulus package prior to the…

Bitcoin Shoots Up to New Year-to-Date High After $13k Daily Close

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Bitcoin has once again rallied over the past day, bringing it to new year-to-date highs at $13,350 as of this article’s writing. The latest move higher just took place, bringing the leading cryptocurrency from $13,150 to the aforementioned highs. Chart of BTC’s price action over the past two days. Source: BTCUSD from TradingView.com This comes after Bitcoin saw a notable daily candle close of $13,000. This daily candle close was the highest of its kind since January 2018. Many see this as notable as $13,000 has long been an important…

Market Wrap: Bitcoin Pulls Back From $13K While Ether Falls on DeFi Cooling

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Bitcoin has pulled back from 2020’s highs while ether slips as DeFi cools off. Bitcoin (BTC) trading around $12,919.97 as of 20:00 UTC (4 p.m. ET). Slipping 1.36% over the previous 24 hours. Bitcoin’s 24-hour range: $12,731.06-$13,192.25. Bitcoin’s price had a minor pullback Friday after hitting fresh new 2020 highs that put it above $13,000 in the past week. However, analysts and traders said they were not surprised at all by the recent moves.  Read More: Active Bitcoin Addresses at Highest Since 2017’s $20K Price Record An immediate sell-off by…