Bitcoin breaks past $60,000, and hits $64,000

Bullish news came through with the approval of the first Bitcoin ETF by the SEC, which will pave the way for institutional investors to be diversified into Bitcoin without owning any BTC. Statistics provided by Proshares indicate that before the announcement, institutional funds flowing into cryptocurrency increased, bringing total institutional assets to a new high of $72.3 billion in assets being held; out of this, BTC was said to receive a higher percentage of these funds.

The Bitcoin price experienced an exponential increase with the announcement, getting past the $58,000, within reach of previous all-time highs.
From the above chart, we can see that BTC experienced an increased buying volume over the last few days, with individuals trooping into the market in anticipation of the ETF approval.

As of the 19th of October, the Bitcoin price stands at $62,261, which translates to a 24 hour gain of 2.20% and a seven-day price change of 9.27% in favor of the bulls.
On the 20th of October, the BTC price also experienced more upside and currently sits at $64,188, translating to a 24-hour change of +3.69% and a seven-day price gain of 16.85%.

With the Bitcoin ETF expected to be launched this week, investors would look for institutions willing to participate. Already, rumors have it that Grayscale has applied to participate. Previously, fud and resistance from bears threatened the prediction of BTC hitting a price tag of $100,000 per coin at the end of the year; however, with this approval, the Bitcoin price could go past $100,000 by the end of the year.

Indicators

The relative strength index of BTC accurately reflects the state of the market over the last few days. The current RSI stands at 73.58, indicating a strong buying momentum in the market. Being above the 70 mark also indicates an oversold position; therefore, we should expect a likely sell-off, but a correction might not be anytime soon due to strong bullish fundamentals. The next few days will be crucial in determining the midterm trend-momentum of the market.

The October 20th RSI still shows an increase in buying, dwelling well into the overbought zone. A breakout of the RSI below 70 could indicate a potential sell-off as people take profits, therefore, creating an opportunity to buy the dip.

In concordance with the RSI, the MACD histogram shows an increased positive momentum on the market. Also, the MACD and signal line are seen way above the zero line agreeing with the positive and bullish momentum of the market. Looking at the moving averages, the short and mid-term moving averages (20,50 MA respectively) also show an uptrend with the BTC price trading above them.

Ethereum / US Dollar

With the huge pump of Bitcoin, several anticipated the altcoins to follow suit; however, this has not been the case. From the above chart, we can determine that ETH is in a long-term uptrend. However, ETH did not replicate the market momentum boost produced by BTC but still experienced gains on its own. the charts show a previous day of increased selling power, indicating individuals taking out profits and a subsequent mild increase in purchasing volume

The current ETH price stands at $3,815, translating to a 24-hour price change of +1.15% and a seven-day gain of 10.43%. The 20th October price tag stands at $3,939, reflecting a 24-hour price gain of 3.04% and a seven-day price gain of 13.76%.

Indicators

The Relative Strength Index of ETH stands at 61.52, falling from above 64, indicating a sell-off that is currently trying to regain its buying momentum. The RSI illustrates a positive market as individuals are expected to accumulate on this asset in anticipation of a price rally.

As of the 19th of October, the ETH price trades above the short and midterm moving averages, indicating a bullish market. The MACD also shows a diminished but positive momentum of the market with the bulls in control. A crucial point will be breaking past the $4,000 price mark.

Ripple / US Dollar

With the court case between RIpple and the SEC stalling, the xrp market has been relatively silent. The chart reflects an increased sales volume, with the bears seeking to take control of the market. Despite Bitcoin’s massive run-up, the momentum did not reflect on ripple, which has a price tag of $1.08, translating to a 24-hour loss of 0.25% and a seven-day price change of 1.70%.
We can expect Little price movement with the XRP court case being stalled, and a settlement between Ripple labs and the SEC can lead to parabolic price movements.

Indicators

The RSI of XRP stands at 51.1, corresponding to the current stable/sideways state experienced in the Ripple market. A breakout to the downside (below 50) could indicate bearish dominance and vice versa.

The MACD corresponds to the Relative Strength Index, indicating a stable market momentum not dominated by the bulls or bears.

Litecoin / US Dollar

The Litecoin bulls try to challenge previous all-time highs visible by two consecutive days of increased buying volume. However, the bears are putting up a strong resistance. Despite Bitcoin’s price pump, LTC is one of the coins not to experience the run-up by its close counterpart. The current price (19th October) of Litecoin stands at $188 per coin, translating to a 24-hour price gain of 0.58% and a seven-day price gain of 6,57%. As of 20th October, the Litecoin price stands at $192, translating to a 24-hour price change of +2.40% and a seven-day price gain of 9.52%.

Indicators

LTC’s current Relative Strength Index stands at 59.89, indicating a positive market outlook with the bulls in control. It also shows an increase in buying of LTC, which could be individuals accumulating on this altcoin. If the accumulation continues and LTC enters the overbought zone, a possible sell-off could ensue.

The macd and signal line placing above the zero line correlates with positive momentum in the market. The histogram indicates the moving averages trading at close proximities to each other, which is also reflected on the main chart.

Bitcoin Cash / US Dollar

Over the last few days, the bears can be seen to have been dominating the market after rejecting the bull's attempt to retake the $640 price mark. As of the 20th of October, the Bitcoin Cash price stands at $609, which corresponds to a 24-hour percentage loss of 1.53% and a seven-day price gain of 6.07%. The 24-hour price drop is also reflected in the trading volume, which shows an increase in selling attributed to the bears.

Indicators

The current RSI stands at a value of 53, which is a product of a recent bearish action, which could mean individuals were taking out profits. However, being above the 50 levels still indicates a bullish trend; if the bears continue the sell-off, an RSI value less than 50 indicates bearish action.

Moments occur when the MACD line indicates a bullish breakout. At the same time, other indicators disagree, and this is why the MACD indicator is always used in conjunction with other indicators to determine the market momentum trend. By the MACD, we can see a line above the zero line indicating a bullish momentum; however, taking into consideration the RSI, we can tell that the bulls are still in control despite attempts by the bears to take control.

Cardano / US Dollar

The cardano prince over the last few weeks has stalled, and this remains the case, with selling action remaining dominant concerning the buying action. Therefore, we can determine that the bears have a steady hold on the market with attempts by the bulls to make a mark.

On the October 19th chart, it can be seen that is a minute buying volume, with the ADA price standing at $2.13, corresponding to a 24 hour gain of 0.22%. Prices as of October 20th aren’t any better, with ADA experiencing a 24-hour loss of 0.78%, and a seven-day cumulative loss of 0.29%, therefore, placing the current ADA price at $2.11 per coin.

Indicators

The relative strength index remains below 50, indicating increased selling, therefore, putting the bears in control of the market, with a possibility of further downward action. The RSI would have to place convincingly above the 50 RSI mark for the bulls to achieve some positive momentum.

The MACD line still trades below the zero line across both days (19th and 20th), signifying a negative momentum trend in the market that has found stability. Correlating with the RSI indicates the bearish dominance of the market. The level of $1.94 remains crucial support for the ADA price.

Dogecoin / US Dollar

The Doge community seems to be reviving the bullish momentum on the way to surpass previous all-time highs. We can note a consecutive increase in the buying volume from the chart above, providing a bullish outlook. However, large wicks above the candles indicate strong bearish rebuttals to keep the price down.

On the 19th of October, the Dogecoin price stood at $0.24, corresponding to a price change of +0.04. However, as of 20th, the Dogecoin price has experienced 0.08% loss and seven-day price action of +9.32%; however, Dogecoin has a much better performance than its close rival (Shiba Inu), which has a negative seven-day price action.

With the above chart showing increased buying volume, it is worth noting that individuals are accumulating Doge tokens, using dips as opportunities.

Indicators

The relative strength index correlates with the increased buying action displayed by the charts with a current RSI of 57.6. The Dogecoin RSI shows accumulation in the markets, and we can expect a potential sell-off if the relative strength index gets past the 70 value signifying an overbought scenario.

The MACD line appears to be just above the zero line, indicating a positive momentum (correlated by the histogram). With the Doge community's current increase in buying volume, a further positive price momentum can be expected to begin.

Correlations

• Bitcoin / Ethereum = 0.73 (-0.42)
• Bitcoin / Ripple = 0.47 (-1.61)
• Bitcoin / Litecoin = 0.56 (-0.90)
• Bitcoin / Bitcoin cash = 0.55 (-1.64)
• Bitcoin / Cardano = 0.53 (-3.44)
• Bitcoin / Dogecoin =0.53 (-3.57)

On the 19th of October, the total market outlook illustrated Bitcoin having a green day, and this is seen to continue into the 20th as Bitcoin gets within arm’s length of previous all-time highs. However, despite the run-up by Bitcoin, several altcoins are lagging, being unable to replicate such gains. ADA remains one of the altcoins Highlights as it still experiences downward momentum, placing the bears in control. Dogecoin farming is better compared to Shiba Inu, which has been experiencing downward action.

With the Bitcoin price up, several analysts are left optimistic about the BTC price hitting $100,000 by the end of the year.

Key points for today

• Bitcoin attains $64,000, within arms reach of previous all-time highs.
• Ethereum bulls push towards the $4,000 mark, the current price at $3,939.
• ADA is still under the control of the bears, aiming to push the prices further down. Cardano's current price stands at $2.11.
• Ripple case stall resulting in a skeptical market as individuals sell holdings, current XRP price stands at $1.08.
• Bitcoin Cash is attempting to divert market momentum in their favor; the price stands at $609.
• Dogecoin is reclaiming gains over Shiba Inu, current Doge price standing at $0.24.
• Litecoin bulls push towards the $200 mark, and the current price stands at $192.29 per coin.