Bitcoin Stirs Above $20k, Could It Flip to Support

Bitcoin Network has transferred $17.78T in 2022 already
  • Top cryptocurrencies are bullish on the 26th day of October.
  • The total value of the cryptocurrency industry is once more peeking above US$1 trillion.
  • The market cap increase can be due to cryptos posting double-digit price increases.

The broader crypto market showed an impressive price rally on, October 26. According to Coin 360, cryptos such as Bitcoin and Ethereum have increased by 4.88% and 11.84% respectively. BTC’s price is $20,336, while ETH has regained a hold of $1512.6. The top coins are now trading in the greens at the time of writing.

Several months of inactivity and sideways movement for Bitcoin. Cryptocurrency experts believe this could be ending. Meanwhile, Ethereum (ETH) surged more than 11% overnight and the entire crypto market cap is poking its head above US$1 trillion again.

PlanB recently shared a tweet warning some people of predicting a bull trap when Bitcoin surges significantly to $21k, $24k, and later $30k. He adds that other people will however realize the bear market is over and the next bull market has started.

Nasdaq and Crypto being related, giants of Nasdaq are announcing earnings this week. This means that Nasdaq avoided 15-20% instant dumps.

On the monthly Bitcoin/USD chart, the green level at roughly $20k has to be flipped back into support for BTC’s price to retake the green-red macro range, which is between $20k and $23.3k.

BTC would be set up for a comeback if its monthly closing can close above the green line this month. The price will most likely return to a resistance area, however, if the monthly close falls below the green level.

In related news, the overall value of the cryptocurrency market has increased by 4.92% during the last 24 hours to $978.20 billion. The market cap increase can be due to some of the top 10 largest cryptocurrencies posting double-digit price increases.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer