Bitcoin surged above the crucial $19,500 over the weekend but has been trading slightly lower as it stepped into a fresh week. It once again flashed a flat trading behavior within the notorious $19,000 – $19,450 range it has been sticking for most of the month of October.
But hopes are high that the market would offer more solid price action in this week. Crypto Ed, a popular trader, told his Twitter followers that there is definitely a green week ahead, first closing the current CME gap. However, there is resistance at play around the $19,500. Ed said Bitcoin has been rejected at the horizontal level. An hourly uptick saw a large number of liquidations, setting a multi-day record.
CryptoQuant, an on-chain analytics platform, stated that around $6 million in Bitcoin Short Liquidations over the last hour – this is regarded as the highest short liquidation level in 10 days. At the time of writing this article, Bitcoin was trading at $19,321 and Ethereum was at $1,345. Ethereum gained 2.41% over the last 24 hours but Bitcoin has been relatively flat with a 0.56% gain. Analysts believe it’s an excellent opportunity for the popular cryptocurrency to see profits at $19,951 as the exponential moving average at $19,440 is on the way. Investors are awaiting another confirmation. A flip and hold above this level could potentially push Bitcoin to a significant level at $22,048 that is if it overcomes the $20,306 to $20,737 hurdle. Investors seek a 13% upswing in BTC price from the current position.
Analysts expect investors to add more to their holdings if the BTC price slides lower. This could evolve into a support level by absorbing the selling pressure.