Bitcoin on the Rise: A Weekend to Watch
As we gear up for the weekend, Bitcoin (BTC) is strutting its stuff like it’s heading to a fancy night out. With whispers of old highs being broken and a month-end candle lit in green glory, many bulls are dreamily eyeing the magical $20,000 mark hanging just overhead. Who needs fairy tales when you’ve got crypto?
Support Levels: $12k Zone Holds Strong
Recent maneuvers in BTC’s price have traders feeling like they’ve hit the jackpot. By flipping the $12,000 to $12,500 range from resistance to support, it seems our digital darling is on the right track. Barring a dramatic plot twist, think of it as a warm-up for the bull charge ahead.
The Impact of Futures and Options Expiry
On October 28, the crypto markets took a collective deep breath as a whopping $450 million in futures open interest expired. According to Marcel Pechman, a Cointelegraph contributor, all this market shuffling didn’t stir the pot too much, with minimal impact on price. It seems the worry of futures expiries on Bitcoin is as outdated as dial-up internet. Who knew?!
Chart Watch: What the Numbers Say
With BTC currently trading above $13.5K, the 4-hour chart reveals some intriguing dancing of highs and lows as the price tightens into a tighter range. It’s like watching a soap opera: will it take off to new heights above the $13,620 pennant trendline, or will it find itself facing resistance again at $13,660?
The Altcoin Struggle is Real
As Bitcoin shines bright, altcoins seem to be caught in a bit of a storm. Ether (ETH) is slipping and sliding, dropping 5.8% and clinging to dear life at the $400 mark. Chainlink (LINK) and Binance Coin (BNB) are also not catching any breaks, each down over 6%. The overall market cap stands at $396.6 billion, with Bitcoin claiming an impressive 63.5% dominance. Can you feel the tension?
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