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Up or down? These Bitcoin price levels hint at the next move from $13K

CryptocurrencyOct 29, 2020 11:40AM ET
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Up or down? These Bitcoin price levels hint at the next move from $13K

Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout.

Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar Currency Index (DXY). In other words, investors are flying towards the USD for safety once again.

BTC/USD 2-day chart. Source: TradingView
U.S. Dollar Currency Index 1-day chart. Source: TradingView
U.S. Dollar Currency Index 1-day chart. Source: TradingView
BTC/USDT 2-hour chart. Source: TradingView

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Up or down? These Bitcoin price levels hint at the next move from $13K
 

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