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- 1 Bitcoin surpassed the long awaited resistance mark of $30k in the first half of October 20 trading session.
- 2 BTC price rose more than 78% in the year to date time frame.
- 3 Global crypto market surged more than 3.50% in the past 24 hours.
Bitcoin is trading close to its long awaited resistance mark of $30k. On October 20, BTC peaked at $30,233 and then fell below $30k. When writing, it was trading at $29,622 with an intraday trading volume of $23,663,990,121.
In the past 24 hours, Bitcoin’s trading volume rose around 107% and its market capitalization surged 3.25%. In terms of market capitalization, BTC remains in the first position in the entire crypto market.
On Friday, Bitcoin price showed significant bullish momentum and added 3.15% to its trading price. Including BTC, Ethereum, XRP, Solana, Cardano and Toncoin surged significantly in a weekly time frame.
On October 20, the crypto market was enjoying new highs as entire market capitalization surged 3.18% intraday. When writing, global crypto market capitalization was $1.12 Trillion.
Yesterday, TheCoinRepublic wrote that by the end of October 2023, Bitcoin is expected to cross the most awaited resistance of 30k. The MACD and signal line seems to be approaching the bullish territory and further bullishness is expected.
Was $30k a Temporary Price Target of Bitcoin?
Bitcoin succeeded in bypassing the price target of $30k on Friday, but the bulls failed to hold the price at upper levels. After analysing the technical aspects of the market, it can be inferred that $30k was the interim target of BTC, as per analysts, the next probable target is $35k.
In the year-to-date time frame, Bitcoin’s prices climbed above 78% and roughly 54.86% in a year. Bitcoin has been in existence since 2009 and following its development, many others entered the market and when writing, majority of them were missing from the market.
Solana (SOL) price reportedly surged around 27% in the weekly time frame and 34.55% in a month. On October 20, 2023, SOL token price rose by $2.07. However, it opened at $24.74, marking an intraday high of $27.40.
TradingView data shows that no major movement in ADA trading price was observed in the past one week, apart from a 1.83% surge. It is crucial to note that Cardano price declined more than 20% in a quarter.
The sudden recovery in trading price of dozens of cryptocurrencies seems to be unusual and the believed reason behind the surge is major whale activity.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
