Bitcoin Stays Above USD 13,000, Altcoins Take Hit

[Oceat]

A strong support is needed and then we will be able to see bitcoin in a well shape. I think bitcoin will hit $15k-$16k at the end of this year. As most of the altcoins are depending on the price of btc, we should support bitcoin to increase its price. Then market will green again.

We are already in a green part since the dump during March through April when Bitcoin hits $4k that time. We were lucky to have this opportunity when Bitcoin started to pump at $12k in the past months and now it finally breaks the long awaited $13k resistance to break. Although I'm not sure yet if Bitcoin would break the $15k or even the $16k this coming December.

[dunfida]

A strong support is needed and then we will be able to see bitcoin in a well shape. I think bitcoin will hit $15k-$16k at the end of this year. As most of the altcoins are depending on the price of btc, we should support bitcoin to increase its price. Then market will green again.

We are already in a green part since the dump during March through April when Bitcoin hits $4k that time. We were lucky to have this opportunity when Bitcoin started to pump at $12k in the past months and now it finally breaks the long awaited $13k resistance to break. Although I'm not sure yet if Bitcoin would break the $15k or even the $16k this coming December.

We shouldn't really be that too confident even though we do saw that the price had rise up to 13k doesnt mean that it will go through to 15-16k. We won't know if we would stay into this level for a while and might see major movements again in next year. Im not really that expecting unless if we would see another big news that will happen. For now i have sell off my stash for profits and buying back when it comes a little bit cheap later on. Altcoins is always been good for alternative but be careful on choosing which one you should pick.

[Kemarit]

A strong support is needed and then we will be able to see bitcoin in a well shape. I think bitcoin will hit $15k-$16k at the end of this year. As most of the altcoins are depending on the price of btc, we should support bitcoin to increase its price. Then market will green again.

We are already in a green part since the dump during March through April when Bitcoin hits $4k that time. We were lucky to have this opportunity when Bitcoin started to pump at $12k in the past months and now it finally breaks the long awaited $13k resistance to break. Although I'm not sure yet if Bitcoin would break the $15k or even the $16k this coming December.

I don't think there is an element of luck here, this is how the market move if you are going to look at it's past historical logs. When the price goes down hard, bitcoin is so resilient that you will have to expect a good bounce months after, and even though the news of the covid-19 really tear the market in March, it has recovered and bounce back and then followed by the bullishness of the market, pushing to above $13,000 now.

[error08]

A strong support is needed and then we will be able to see bitcoin in a well shape. I think bitcoin will hit $15k-$16k at the end of this year. As most of the altcoins are depending on the price of btc, we should support bitcoin to increase its price. Then market will green again.

Bitcoin resilient to holds the support above $13,200 for 24 hours makes it back to uptrend, testing $13,500 support and trying to break the resistance at $13,900.
Let's see what will happen in 24 hours if bitcoin manages to surpass $13,900 then the odds of hitting $ 15K-16K by the end of this year are more likely.

After bitcoin rally to $13,850, a correction is a normal thing in this market, bitcoin persist in a healthy bull market
Bitcoin price needs to hold the support at 13,200 for 24 h to continue the uptrend. The market sentiment still in the buy position.

[maydna]

~snip~

Even gambling sites slows down a bit during weekends,  so I'm not surprised if this happens to bitcoin as well as I've also noticing this kind of phenomena, may investors just want to take a respite and taking some profits. So I'm not surprised though, but the good thing is that it is holding $13k so let's see after this weekends and start of November if bitcoin has a big chance to break $14k.

A few days ago, bitcoin drop to a lower level, but after it stays at that price, the price slowly increases, and today, the price seems to want to rallies and break $13,500. The investor will be happy if they see the price can start another rally at the end of this month, so the price will still increase when we are in the next month. Yes, I also think that in the next month, the bitcoin price has a big chance to break $14k, even higher. But we still need to prepare if the price drops or makes a correction because that will always happen after bitcoin price touches the highest price.

[adaseb]

What is really strange about this rally compared to the best is this.

1) Bitcoin which was correlated strongly in the past with stocks, seems to have decoupled for some reason in the past week or so. Usually when stock market crashes so did bitcoin and vice versa. Very strange seeing this.

2) Usually when BTC makes new local tops, there is usually positive funding, however we have negative funding instead. What that means is that there are more shorts than longs on the futures markets. So seeing negative funding is very strange in a bull market like this.

Both of these are highly bullish and I am pretty sure we will break $14K pretty soon and maybe head to $15K soon.

[LogitechMouse]

~

Looks like within this week, Bitcoin managed to stay above the $13,000 price. That is a good sign for the people who are waiting for Bitcoin to go up.

$13,800 I think is the short term resistance for now since after reaching near that price Bitcoin made a sharp curve downwards towards the $13,000 price. The short term support right now is at the $13,000 price. I hope that Bitcoin will sustain its current price or we will see a sharp curve to the downside even more .

1) Bitcoin which was correlated strongly in the past with stocks, seems to have decoupled for some reason in the past week or so. Usually when stock market crashes so did bitcoin and vice versa. Very strange seeing this.

Indeed this is just a decoupling between the two and both of them will return to the normal in the next weeks or months. Its my first time to see these 2 markets decouple though (maybe it did in the previous years but I don't know).

[el kaka22]

Not only did bitcoin managed to stay above 13k, it also went from around 13.8k at its peak to 13k which looked like a correction or even a reversal but it appears to be above 13.5k which shows the world that the bull run is not over yet. That is a very valuable thing because whenever price goes down people who would buy stops and reconsiders buying and they really are the force that keeps bitcoin going, buyers who love it and will always buy are there, sellers who sell anyway like miners will always be there but if you can convince the "maybe I should" type of people that is the driving force behind the price.

If we are at 13.5k right now after all of this increase, I highly doubt that the price would go down anymore for the rest of the year neither, it is going to break over 15k very soon if you ask me, probably in November as well without waiting for December.

[exstasie]

Usually when BTC makes new local tops, there is usually positive funding, however we have negative funding instead. What that means is that there are more shorts than longs on the futures markets. So seeing negative funding is very strange in a bull market like this.

I wouldn't call it strange. It's just an indication that there are still lots of shorts to squeeze. Sentiment isn't totally greedy yet.

What exchanges are you talking about though? Bitmex dipped into negative rates for a short while a couple days ago but otherwise rates have been consistently positive. However we aren't seeing greedy positive rates like 0.05-0.1%, which often coincide with short term tops.

Both of these are highly bullish and I am pretty sure we will break $14K pretty soon and maybe head to $15K soon.

Indeed bulls are looking pretty relentless. Impressive. My own disbelief is a sign the June 2019 highs are probably about to be broken, but let's wait and see......

[Oasisman]

~snip~

~snip~

I don't think there is an element of luck here, this is how the market move if you are going to look at it's past historical logs. When the price goes down hard, bitcoin is so resilient that you will have to expect a good bounce months after, and even though the news of the covid-19 really tear the market in March, it has recovered and bounce back and then followed by the bullishness of the market, pushing to above $13,000 now.

It was the Covid panic that brought down the market in March, but people are quick to realize the amount of profit that they'll possibly reap once the market recovers. Same goes to other market, though the stock market was heavily affected, but was able to gradually cope up.
That was indeed a very huge drop, and I wasn't even expecting Bitcoin to bounce back that fast, then I realize crypto market hasn't really been directly affected by the pandemic. And right now Bitcoin has been going strong since March.

[Reid]

Switch.

I think they are making profits now.
Sell altcoins, buy bitcoin. Make profits out of it then go back.
They are just waiting for the right time to sell. The hype from Paypal looks like it's calming down.
I bet anytime we will see an instant $1000 fall then it will slow down again.
Paypal buyers will be the ones left and it could be the reason why a new bottom will happen. If they will stay.

[kentrolla]

A strong support is needed and then we will be able to see bitcoin in a well shape. I think bitcoin will hit $15k-$16k at the end of this year. As most of the altcoins are depending on the price of btc, we should support bitcoin to increase its price. Then market will green again.

It all depends on supply and demand If we want to see some major changes in BTC price, when it comes to supply people need to rush to buy Bitcoin only then we can expect some changes.

I think we are already in green zone and that's why we are seeing some positive trend's in price else it would have gone down.

[Oceat]

Switch.

I think they are making profits now.
Sell altcoins, buy bitcoin. Make profits out of it then go back.
They are just waiting for the right time to sell. The hype from Paypal looks like it's calming down.
I bet anytime we will see an instant $1000 fall then it will slow down again.
Paypal buyers will be the ones left and it could be the reason why a new bottom will happen. If they will stay.

I think that's a better idea since Bitcoin is already congested that makes their mining fees go crazy. That PayPal hype is really making it hard to do normal trades especially sending some small BTC. Well, if the correction will start soon we'll be seeing the $12k at any moment but what I saw in the chart is it keeps pushing up but stays at $13800 level. This might drop sooner or later and I don't think it will ever try to break the $14k this coming November.

[Yamifoud]

Switch.

I think they are making profits now.
Sell altcoins, buy bitcoin. Make profits out of it then go back.
They are just waiting for the right time to sell. The hype from Paypal looks like it's calming down.
I bet anytime we will see an instant $1000 fall then it will slow down again.
Paypal buyers will be the ones left and it could be the reason why a new bottom will happen. If they will stay.

That's quickest the hype it burst. PayPal can't hold that long and that is actually the results.
I like the idea of selling Altcoins switch to Bitcoin but the problem if the market will tend to drop again to $10k, I'm not sure if he/she can able to hold it.

That is so unpredictable, the resistance level quite weakens this time. Can't even tell that we are able to hold at $13k, but then I have nothing to give up, and still optimistic for the positive gains as the adoption keeps stronger and wider.

[carlisle1]

I don't know if the post I've read yesterday is true but Does Bitcoin Hit $14,000 yesterday though Down again in a matter of minutes?
Am just curious if we have break another High this year and hoping to make it continuously till next year.

Switch.

I think they are making profits now.
Sell altcoins, buy bitcoin. Make profits out of it then go back.
They are just waiting for the right time to sell. The hype from Paypal looks like it's calming down.
I bet anytime we will see an instant $1000 fall then it will slow down again.
Paypal buyers will be the ones left and it could be the reason why a new bottom will happen. If they will stay.

Buy Low sell High the market strategy and it seem Happening now,while many are not trusting Defi project so they are focusing in Bitcoin and other Altcoin that may bring them profit in short period of time.

[TitanGEL]

It's been 6 straight days and the price of the bitcoin is still holding above $13,000 levels, the current price is in overbought period and for me it is considered as healthy because the momentum is still there. The only thing that I do not like is the 3 recent daily candles have wick in $14,000 which is considered as next resistance but there is small consolidation in below that level and anytime the price can breakout in $14,000 levels and it can became the newest support.

The altcoins are looking bad especially the XRP/BTC in my watchlist, there is a momentum there but the price is going bottom and for me it is not looking good because it is a bad sign. The ETH is still in sideways but I'm looking forward that the ETH can break the $420 levels, If that happens then I will buy and try to do a trend following there.

[SquallLeonhart]

Looking at the prices of altcoins on the last 24 hours I could say that some of them are trying to recover from what has happened, which I can attribute to people seeing bitcoin increasing but feel like if they want to make a bigger profit they should be moving to altcoins which started this run. Obviously this is not all coins, this is just some altcoins and the ones we know and like for a long time.

For example, ETH is back around 390 dollars which is an important threshold for it, breaking over 400 would mean a lot of things for it, or litecoin finally going under 5% loss in a week as well, monero looking like it is going to break even level for the week very soon if the increase keeps up, even tezos which had one of the worst weeks is recovering a bit. I am not saying everything is back on green, because they are not for the week but the last 24 hours looks more promising for them.

[Jating]

What is really strange about this rally compared to the best is this.

1) Bitcoin which was correlated strongly in the past with stocks, seems to have decoupled for some reason in the past week or so. Usually when stock market crashes so did bitcoin and vice versa. Very strange seeing this.

Right, it is interesting that bitcoin has decoupled with stocks for some strange reason. The only reason I can think of is that even stock investors are moving to bitcoin market.

2) Usually when BTC makes new local tops, there is usually positive funding, however we have negative funding instead. What that means is that there are more shorts than longs on the futures markets. So seeing negative funding is very strange in a bull market like this.

Both of these are highly bullish and I am pretty sure we will break $14K pretty soon and maybe head to $15K soon.

Please remember that we still have the US elections in the next coming days, $14k is a big barrier to break. But as others may have said, regardless of who are going to win in the next elections, bitcoin will most likely rally again, which means that the market is moving of it's own and is decoupling itself from the rest of global financial markets.

[adaseb]

I think that since crypto has decoupled from the stock markets then the election result will have less impact as previously estimated. The markets are very erratic. Currently the stock market futures are flat and everybody was expecting a circuit breakers gap down day since UK went into lockdown.

So I think it doesn't really matter who wins, Bitcoin will do its thing pretty much. Plus if most of the market is betting that Biden wins, and when Biden wins people are assuming a stock market sell-off most likely the opposite will happen.

Currently there are way too many people which are bearish on stocks, especially with the down week that they had last week that many will most likely short it this week and it will go up anyways.

[pooya87]

1) Bitcoin which was correlated strongly in the past with stocks, seems to have decoupled for some reason in the past week or so.

Right, it is interesting that bitcoin has decoupled with stocks for some strange reason. The only reason I can think of is that even stock investors are moving to bitcoin market.

what's strange is your two statements!
bitcoin has never been "coupled" with any market, least of which the stock market in the past 12 years. of course people have always compared it with all kinds of assets but there has always been zero correlation between bitcoin and other markets.

the strange part is people who are confused about seeing what bitcoin has been doing for the past 12 years which is to move on its own regardless of what is going on in other markets!