Bitcoin price sees first October peak above $20,000 as daily gains hit 5%

BTC Price Action Sees New October High Amid Falling US Dollar and Successful Trade La watch for US stocks.

Market Update

Bitcoin (BTC) experienced its first trip above $20,000 on October 4, as traders expected familiar resistance from capital gains.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Multi-Week Dollar Declines Fuel Bitcoin Bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/US Dollar surging ahead of Wall Street's open, up more than 5% in 24 hours.

The pair shook off macro concerns earlier in the week, with issues at Credit Suisse and the escalating Russian-Ukrainian conflict failing to dampen performance.

Now, the near-term analysis has focused on a run likely to break above $21,000, as it did at the end of last month, as selling pressure at this level remained strong.

“20500-21000 is a sell zone. If price gets there, which it should, don’t get too bullish,” popular Crypto trader Il Capo told Twitter followers on the day.

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Razzoorn, an analyst at international trading group The Birb Nest, noted that the current charge is Bitcoin's fifth attempt to escape a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide that saw US stocks finish noticeably higher the day before.

At the same time, the...