Bitcoin price jumps above $20,000 for the first time in October

Bitcoin price jumps above $20,000 for the first time in October

Bitcoin (BTC) climbed back above the psychologically important $20,000 mark for the first time this month on October 4th.

Bitcoin Price Chart (Bitstamp). Source: TradingView

Bitcoin on the rise again

Bitcoin price is up a whopping 5% Tuesday ahead of Wall Street trading, data from Cointelegraph Markets Pro and TradingView shows.

The market-leading cryptocurrency has thus successfully defied recent worries about the overall economic situation, which are fueled above all by the ongoing Ukraine conflict and the alleged difficulties of the major Swiss bank Credit Suisse.

In the short term, Bitcoin could even climb to $ 21,000, as it did last month, but here at the latest the selling pressure is overwhelming again.

“$20,500 – $21,000 is a sell range. So if the price pushes into this area, we shouldn’t get too optimistic,” trader Il Capo of Crypto agrees warns.

Razzoorn, an analyst at trading firm The Birb Nest, points In this context, the current upleg is already the fifth attempt to escape the downs in the last few weeks.

So although Bitcoin has little room for improvement, the crypto market leader is being carried by the current tailwind for risky financial products, which already catapulted the stock market higher the previous day.

The US dollar and US dollar index (DXY) are falling in turn, with the latter falling to 111 points, almost falling back to mid-September support.

US-Dollar-Index (DXY). Quelle: TradingView

“And the market is on the up again,” commented Cointelegraph contributor Michaël van de Poppe. To which he adds:

“We made $19,500 a support again. If we can hold the top of the range at $19,600, then we can still climb to $22,400.”

Altcoins also want out of the downtrend

Among the altcoins, Ethereum (ETH) and Ripple (XRP) are clearly the winners of the day so far.

ETH is trading above $1,350 at press time, but still locked in the price range settled after the long-awaited merge.

Ethereum stock chart (Binance). Source: TradingView

Meanwhile, XRP is facing several massive resistances after gains, after all, a smaller downturn was stopped again at the multi-week support of almost 0.45 US dollars (see below).

XRP-Kursdiagramm (Binance). Quelle: TradingView

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