Bitcoin breaks to $20K as bulls target higher mothly close

Posted on

Bitcoin price surged again on Friday as a dose of volatility helped BTC top the $20,000 mark, adding around $1,000 within hours. Indeed, the BTC/USD pair rose to $20,182 on crypto exchange Coinbase – well above the intraday low of around $19,154 reached earlier in the day.

The price update below shows an example where the price increased by over $800 in 24 hours.

The altcoin market for the major crypto asset cascaded, Ethereum also saw a sharp jump above $1,370 and Ripple’s XRP to make the most of US gains after ripping earlier higher on another score for the company. In the case of the Securities and Exchange Commission. (SEC).

Elsewhere, the US stock market opened slightly higher, though the current negative sentiment did not help the sluggish move. The S&P 500 trades levels not seen since 2020 and, as is likely, it could slip down to end the brutal Q3 in the red.

Can Bulls See Higher BTC Monthly Close?

September has been a brutal month in the risk asset market, with Bitcoin trading somewhat painfully towards the $18,000 support area around the $20k level.

With the normal market session now just hours away from the monthly close, it remains to be seen whether the bulls can survive a second consecutive red month. As seen in the chart below, BTC is in the red around 1.8%, with the cryptocurrency seeing a drop of over 13% in August.

Bitcoin has had a red month in four out of the last five, with the last ending above the crucial $20k with BTC/USD.

BTCUSD Monthly Price Chart. Source: TradingView

A higher monthly candle near Friday could set new bids for the weekend and propel BTC/USD higher. This is an outlook with chances at $19,600 and a push towards $20,300 opens the $22,000 resistance line.

Leave a Reply

Your email address will not be published. Required fields are marked *