Bitcoin is currently in a good position thanks to many positive news and support at $ 11.3K is still intact.
Not much has changed in terms of the price of BTC since our last analysis, but the influx of positive news and investment is increasing rapidly in October.
Over the past seven days, BTC has tested the current support at $ 11.3K several times and confirmed its importance and functionality. Bitcoin fought for more than a month to regain this fortress, which he lost on September 3. Recall the behavior in this area, BTC held above $ 11.3K from August 1 to September 3, then lost that position and returned to it October 10.
At present, we record more of those factors that can increase the price, so let’s look at what impulses from outside. One of the first strong impulses in early October was an interview and statement from Raoul Pal, a Former Goldman Sachs Hedge Fund Chief, that the price of Bitcoin could rise to $ 1 Million in five years.
This interview was published on October 7, and immediately on October 9 we witnessed further impulses, namely gigantic investments from Digital Asset Management 8,295 BTC, CoinShares 69,730 BTC and GRAYSCALE 449,596 BTC.
CCNEWS24 also focused on these investments in a separate article entitled ‘In 2020, Public companies purchased almost 600,000 BTC (+ $ 6 billion)’, and up to 7 out of 13 companies made investments in September and October.
Another impetus this month is a statement and report from the Biggest players in the Swiss private banking sector, who are investigating whether to invest in digital assets and have already amassed $ 250 million in assets in their investment fund.
This period of investment inflows can thus be clear evidence that BTC is soon approaching an attempt to raise the price to $ 12K.
Technical analysis:
- Strong Resistance at $ 12K
- Current Support at $ 11.3K / Confirmed Several Times
- Important Support at $ 10K
- RSI 1D / 1W are approaching the overbought zone, probably when we reach the price of 12K we will already be at level 70 (critical)
- MACD is above 0
- The Price is Trading above EMA 50, 100 & 200 on weekly time frame
Read also: The activity of Bitcoin traders is increasing and several indicators are reaching a new high
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