Trader CryptoKaleo tweeted to his 500,000 followers, “Uptober is back,” as the price of bitcoin surged back over $19,500 today, regaining the weekly and monthly open.
Bitcoin Price Reaches $19.5K As The Week Comes To A Close & A Trader Forecasts A ‘Green Week’!
The weekly candle closed in the red last week, and most of this week has seen the price of Bitcoin trade below the weekly open, or around $19,250. Over October, the monthly candle was not green for the traders.
The Bitcoin price surged up to recapture the monthly open, which was slightly over $19,400, as soon as the weekly open was reclaimed.
Liquidations
In the midst of FUD over Celsius being liquidated, the Three Arrows Capital fiasco, and additional “crypto contagion,” which caused the Bitcoin price to crash to a yearly low of $17,500 on June 18th, CryptoKaleo has been optimistic that Bitcoin can recover to the $28,000–$30,000 level that was lost in June.
He has doubled down this week, tweeting that “he still believes the bottom is in” based on the comparison of the all-time high of the most recent crypto bull run to the ATH of the previous bull cycle, even if his prognosis for the price of Bitcoin has not yet come true.
When the weekly open was recaptured earlier today and sentiment shifted bullish on Twitter, analysts on the Jacob Crypto Bury Discord server likewise wished for Bitcoin.
Within a single five-minute candle, the price of bitcoin rose back above the monthly open.
At the time of publication, the price of Bitcoin had reached an intraday high of $19,695, which is not far from Elon Musk’s earlier this month, just before the CPI print, an estimate of $20,000 for the cryptocurrency.
Multi-Week
The weekly close will take place in 30 minutes; if it finishes in the green, that might be an indication that the upward trend in Bitcoin prices will continue.
The weekly candle closed in the green, above the monthly open for October, at $19,570 on Finance.
On October 23, Bitcoin (BTC) saw new advances as the weekend served as a potential launching pad for the bulls. Data from TradingView and Cointelegraph Markets Pro tracked BTC/USD as it climbed past $19,500 as the weekly close drew near.
Even though the $300 increase was small, it otherwise disturbed lackluster trade activity. On daily timeframes, Bitcoin is renowned for being range-bound.
Now that $20,000 had been out of reach for more than a week, there were high expectations that the market would exhibit some further steady price activity in the days ahead.
The green week is approaching; ideally, the present CME gap will be closed first, noted well-known trader Crypto Ed in a tweet to followers at the time of writing. A supporting chart indicated that the game encountered resistance around $19,500.
“Continually rising from the green box. For the time being, rejected exactly at this horizontal,” he added. On-Chain College, an analytics account, stated that even such an hourly rise had been able to result in a disproportionately high number of liquidations, setting a multi-day record.
In the previous hour, there were almost $6 million in bitcoin short liquidations. Along with information from the on-chain analysis tool CryptoQuant, it said Approved, “This is the largest short liquidation level in the last ten days. Decentrader’s trading suite still described Bitcoin’s closing as “strong” with numerous optimistic trading signs.
Though most forecast $14,000 or less, Michal van de Poppe, founder and CEO of trading firm Eight, said in his views of the day, ” he believes Bitcoin has bottomed. Every investing and trading action carries risk, therefore before making a choice, you should conduct your own study.
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