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Bitcoin Targets Fresh Highs Above $13.5K As Bulls Prepare

Stefan by Stefan
25/10/2020
in Bitcoin News
Reading Time: 2 mins read
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Bitcoin Trimmed, btc, price, level, market
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Bitcoin targets fresh highs above the $13,500 level as the bulls are preparing and successfully surpassing the $13,200 resistance levels. In today’s Bitcoin latest news, we are reading more on the price analysis.

Bitcoin’s price is trading nicely above the $13,000 resistance zone against the US dollar and the price is showing positive signs so it will likely gear up more upsides above the $13,500 level. Bitcoin targets fresh highs as the bulls successfully cleared the $12,800 and $13,000 resistance level. The price is now trading nicely above the $13,000 level and the 100 simple moving average. There’s a major bullish trend line forming near the $13,000 level on the 4-hour charts as the pair could continue rising above the $13,200 and the $13,250 resistance levels.

btc chart
Chart of BTC’s price action over the past two days. Source BTCUSD from TradingView.com

Over the past week, Bitcoin started a strong increase above the $12,000 and the $12,500 resistance levels against the US dollar. The pair surged above the $13,000 level and settled nicely above the 100 simple moving average. The coin traded to a new monthly high of $13,250 before starting a short-term correction to the downside. There was a break below the $13,000 level but the price remained bid above the $12,650 support zone.

btc/usd
Source BTC/USD on TradingView.com

A new low was formed near the $12,740 before the price started a fresh increase. There was also a break above the $13,000 resistance level plus the price settled at the 50% fib retracement level from the recent drop at $13,250 swing high to 412,740 low. The price is now approaching the $13,200 resistance level and it seems there’s a major bullish trend line forming with support close to the $13,000 on the 4-hour charts. On the upside, the price is facing strong resistance at $13,200 and $13,220 levels. If there’s a clear break above this level, the bulls could aim for a new monthly high and the price will test the $13,500 level. Further gains could open the doors for an increase towards the $14,000 resistance.

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btc
Chart of BTC’s price action over the past few weeks with anaylsis by crypto trader Coiner-Yadox (@yodaskk on Twitter). Source BTCUSD from TradingView.com

If BTC fails to clear the $13,200 resistance, it could correct lower with the initial support getting near the trend line zone at the $13,000 level. the downside break below the $13,000 level could push the price to the $12,740 low. The next major support is near the $12,650 level below which the price could test $12,500.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: Bitcoinbitcoin bullsbitcoin pricebtc bullsbtc priceBullsfresh highsprice analysis
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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