As the weekend approaches, it looks like the Bitcoin (BTC) price will close the month in very high numbers, prompting many of the bulls to claim a new full-time high above $ 20,000 in the near future.

Traders attribute these high points to the fact that BTC seems to have turned around $ 12,000-12,500 to support and prevent any unexpected price falls, Bitcoin is on its way to creating a nice monthly light.

Further bullish evidence is the expiration of options and futures today, resulting in the expiration of $ 450 million in open interest on October 28.

In the words of Cointelegraph author Marcel Payman:

“The expiration date for options on BTC and Ether was not surprising. Deribit returned to 137,000 BTC options against 150,000 opened yesterday. Meanwhile, the Chicago Mercantile Exchange has $ 215 million open interest in futures contracts expiring on October 30, but it appears that this has had very little, if any, effect on price. Again, the price phenomenon falls before and after BTC when CME futures expire. This once again confirms the upside of the last track, despite negative news from Asian stock markets and Tether. ”
BTC is currently trading above $ 13,500, and on the 4-hour chart, the digital asset shows higher lows and lows as the price moves in a narrower range.

Although the price remains above the 20-day moving average, it should come as no surprise that it fluctuates between $ 13,500 and $ 12,900 over the weekend and early next week.

If bitcoin could rise above the scientific trend line to $ 13,620 and close 4 hours above it, it could renew momentum towards a new 2020 high above $ 13,859.

At the moment, with increased volume, the moving average convergence divergence indicator shows that the MACD has crossed the signal line (orange) and the chart shows increased momentum. The RSI is also above the midline, barely reaching 60, but BTC has faced resistance at $ 13,660 in recent days.

If BTC loses its current momentum and falls below the $ 13,100 flag, support will be at $ 12,800. Failure to stay at this level allows for a new test of the next support at $ 12,000 and below the $ 11,500 level.

From a general point of view, the current bitcoin price action is encouraging, and the digital asset is clearly in a strong uptrend and there is room for growth.

The same cannot be said of digital currencies, which have fallen significantly this week. At the time of writing, ETH is down 5.8% as the leading altcoin is struggling to get back $ 400 in support. Chainlink (LINK) shares are down 6.74% and Binance Coin (BNB) is down 6.10%.

According to CoinMarketCap, the total market value of cryptocurrency is currently $ 396.6 billion, and Bitcoin’s dominance rate is 63.5%.

Source: CoinTelegraph