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NewsBTC 2022-10-05 15:00:33

Bitcoin Price Soars This ‘Uptober’ As BTC Barrels Past $20,000

As Bitcoin passes $20,000, the market is expecting a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing. Since the crash of September 13 rattled the global financial system, this is the highest trading price BTC has reached. As BTC bulls have been trying to break through this resistance level for almost a month, the breaking of the $20k psychological barrier is a major event. To those looking to acquire Bitcoin or add to their existing holdings, however, the breakthrough may serve as a powerful buy signal. Perhaps this market uptick is what the cryptocurrency industry needs to end the crypto winter. Related Reading: Polygon Spikes 6.5% In Last 24 Hours As MATIC Investors See Bullish Momentum Taking The Bull By The Horns CryptoQuant claims numerous indicators can provide reliable buy indications for traders. Depletion of foreign-exchange reserves is one such factor. Decreased Bitcoin exchange reserves are an optimistic indicator since it suggests an increase in Bitcoin purchases. A shift in the outflow of foreign exchange is always a consideration in this context. On October 4, the value of the exchange outflow was $47,655.83. A high number for this indicator indicates reduced Bitcoin selling pressure. The fear and green index is also rising, offering investors and traders strong buy signals. A rising RSI value may indicate an increase in investor confidence due to recent developments i...

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