Bitcoin mirrors pre-2020 breakout, but analysts disagree on whether this time is different
BTC price performance weakens after another crack at resistance near $20,000, but exchanges show growing struggle between bulls and bears.< /p>
Market Update
Bitcoin (BTC) failed to break above $20,000 despite hitting a new weekly high on Oct. 18 as market watchers awaited action.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD defying volatility again on the day.
The pair remained broadly stable despite stronger moves for US equities on Wall Street's open. At the time of writing, the S&P 500 and Nasdaq Composite indices were up 1.5% and 1.2%, respectively.
"We are now seeing another much anticipated relief rally in stocks," financial commentary resource Kobeissi Letter told Twitter followers.
"After more than a month of almost linear decline in prices, a rebound was needed."
The message continued with a warning about the upcoming Federal Reserve meeting when another rate hike would be announced.
“However, as third quarter results begin and the next Fed meeting approaches, we are far from sure. Use stops and don't get tricked,” he advised.
With the mood still uncertain, crypto commentators have therefore largely stuck to existing predictions when it comes to near-term price movements.
"The area around $19.3000 is critical to hold, then we can move to $22.2000," Michaël van de Poppe, founder and CEO of trading platform Eight, wrote in a part of a tweet of the day.
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BTC price performance weakens after another crack at resistance near $20,000, but exchanges show growing struggle between bulls and bears.< /p>
Market Update
Bitcoin (BTC) failed to break above $20,000 despite hitting a new weekly high on Oct. 18 as market watchers awaited action.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD defying volatility again on the day.
The pair remained broadly stable despite stronger moves for US equities on Wall Street's open. At the time of writing, the S&P 500 and Nasdaq Composite indices were up 1.5% and 1.2%, respectively.
"We are now seeing another much anticipated relief rally in stocks," financial commentary resource Kobeissi Letter told Twitter followers.
"After more than a month of almost linear decline in prices, a rebound was needed."
The message continued with a warning about the upcoming Federal Reserve meeting when another rate hike would be announced.
“However, as third quarter results begin and the next Fed meeting approaches, we are far from sure. Use stops and don't get tricked,” he advised.
With the mood still uncertain, crypto commentators have therefore largely stuck to existing predictions when it comes to near-term price movements.
"The area around $19.3000 is critical to hold, then we can move to $22.2000," Michaël van de Poppe, founder and CEO of trading platform Eight, wrote in a part of a tweet of the day.
Popular Il Capo Crypto Trader
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