Bitcoin (Bitcoin) crossed $20,000 on October 25, as risk assets benefited from renewed USD weakness.
Bitcoin hits 3-week high
The move came in tandem with the rally in US stocks. weak dollarlost traction against the currencies of its major trading partners on the day.
This took Bitcoin above $20,000 for the first time since October 7.
“The volatility finally kicks in,” said Michael van de Poppe, founder and CEO of trading firm Eight. reacted.
“Bitcoin is ready for bailout. Long and strong.”
Meanwhile, Crypto trader and analyst Il Capo with flag BTC has outperformed altcoins in terms of profits, although the end is still in sight.
‘I have the fuel to keep going,’ he said murmured.
Data from monitor resource coin glass Meanwhile, the market showed the extent of the shortage for the day.
Bitcoin short position liquidations surpassed $165 million in a single day, a multi-month high, and the tally is still rising at the time of writing.
Croscript short liquidations surpassed $400 million.
Dollar puts up a fight after rapid losses
Following the action, the analytics service’s Material Indicators tracked changes in support and resistance in Binance’s orderbook.
The $20,000 zone was marked by a series of sell orders totaling over $110 million, allowing the bulls to make a sizeable dent in the impulse.
“FireCharts show that the remaining $83 million of the $112 million BTC sell wall we saw this morning has just moved up.” Confirmed Along with a chart showing a heatmap of trading.
However, in a potential blow to the crypto, the US Dollar Index (DXY) is showing signs of picking up daily losses at the time of writing, trying to grab 111 as support.
Justin Bennett, Founder of Crypto Education Platform Crypto Academy commented.
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