The impending breakout of this trendline would bring the price of Bitcoin back down to $ 14,000

The weekend is getting closer Bitcoin (BTC) price seems poised to end the month with remarkably strong performance. Many bulls are calling for a new all-time high above $ 20,000 in the not too distant future.

Traders attribute their high standards to the fact that BTC appears to have turned the $ 12,000 to $ 12,500 zone into support. Barring an unexpected drop in price, Bitcoin is on its way to painting a beautiful monthly candle.

Daily chart of the cryptocurrency market. Source: Coin360

Further “bullish” evidence comes from the expiration of futures and options that happened earlier today the term of $ 450 million in open positions on futures as of October 28th.

The impending breakout of this trendline would bring the price of Bitcoin back down to $ 14,000
The impending breakout of this trendline would bring the price of Bitcoin back down to $ 14,000

According to the Cointelegraph employee Marcel Pechman:

“The recent expiration of the BTC and Ether options has brought nothing really surprising. Deribit is back at 137,000 BTC options versus 150,000 open positions yesterday. Meanwhile, CME has an open futures stake of $ 215 million that will expire on October 30th. However, this appears to have had little, if any, effect on price. Again, the phenomenon of the BTC price decline before and after the expiry of the CME futures no longer exists. This confirms the bullish argument for the recent rally despite negative news from Asian exchanges and tether. “

Currently, BTC is trading above $ 13,500 and The 4 hour chart shows us that the digital asset is making lower lows and highs as the price approaches a narrower range.

BTC / USDT 4-hour chart. Source: TradingView

Even if the price stays above the 20-day moving average, It wouldn’t be unexpected if the price jumped from $ 13,500 to $ 12,900 this weekend and early next week.

If Bitcoin price is above the pennant trendline at $ 13,620 and can close a 4 hour close above it, Hence, it is possible that we will see new momentum to hit a new year high above $ 13,859.

As trading volume is increasing, the moving average convergence divergence indicator is currently showing it The MACD has crossed the signal line (orange) and the histogram shows an increase in the pulse. The Relative Strength Index is also above the center line and barely reaches 60, However, for the past few days, BTC has seen resistance at $ 13,660.

In case that BTC is losing its current momentum and breaking out of the pennant below USD 13,100, there is support at USD 12,800. If it does not stay at this level, the door opens for a new test of the The next support at $ 12,000 and below could drop to $ 11,500.

Bitcoin price daily chart. Source: Coin360

Bird’s eye view, Bitcoin’s current price trend is encouraging and the digital asset is clearly in a strong uptrend and there is room for further increase.

We cannot say the same for the altcoins that were brutally beaten this week. At the time of writing the price was from Ether (ETH) down 5.8% as the big altcoin struggles to convert $ 400 into support. Chainlink (LINK) fell 6.74% and Binance Coin (BNB) fell 6.10%.

According to data from CoinMarketCap, cryptocurrency market cap is now totaling $ 396.6 billion, and Bitcoin dominance rate is 63.5%.

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