Bitcoin price hits $19.5K into weekly close as trader predicts ‘green week’
Bitcoin () saw fresh gains on Oct. 23 as the weekend delivered a potential launchpad for the bulls.
$10 million liquidations as Bitcoin steps higher
Data from and followed BTC/USD as it spiked above $19,500 as the weekly close approached.
While modest, the $300 move punctuated otherwise , Bitcoin notoriously rangebound on daily timeframes.
Now, hopes were high that the market would offer more solid price action in the coming days, $20,000 remaining out of reach for over a week.
“Green week ahead, preferably first closing the current CME gap,” popular trader Crypto Ed Twitter followers in an update at the time of writing.
An accompanying chart showed resistance in play around $19,500.
“Still moving higher from the green box. For now rejected exactly at that horizontal,” he added.
Analytics account On-Chain College, meanwhile, noted that even such an hourly uptick had managed to spark a comparatively large number of liquidations, setting a multi-day record.
“Around $6 million in Bitcoin Short Liquidations over the last hour. This is the highest short liquidation level in 10 days,” it alongside data from on-chain analytics platform CryptoQuant.
Weekly close could set multi-week high
In terms of weekly closes, Oct. 23 looked set to be another close-run candle within an increasingly compressed cluster.
Related:
Should BTC/USD end the week above $19,440, however, it would nonetheless represent the highest weekly close since early September.
In an update, trading suite DecenTrader nonetheless Bitcoin as “strong” going into the close, with multiple trading indicators bullish.
“I do believe the bottom is in for Bitcoin, despite the majority believing that we’ll hit $14K or lower,” Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile in thoughts on the day.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
