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Wednesday, September 28, 2022

BTC Rises To $20K With The Support Of Whales

On July 4th, Bitcoin (BTC) reached a high of just under $20,000. It was the first such occurrence in the past five days as some surprise gains were brought about by the Independence Day vacation.

According to information provided by TradingView and Cointelegraph Markets Pro, the BTC/USD exchange rate reached $20,085 during the day, marking the pair’s highest performance since the 30th of June.

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The pair spent the majority of the weekend consisting of the holiday at $19,000. However, the lack of trade on Wall Street finally proved to be no hurdle for bulls.

A 3% Increase In BTC

Even though order books for the weekend were thinner most likely exasperated volatility in comparison to volumes that were underlying, Bitcoin (BTC) was still up 3% during the day as this article was being written despite the fact that. Popular analyst Matthew Hyland commented that Bitcoin was successful in establishing a bullish divergence when it came to the frame of daily time, and he said this was due to the fact that Bitcoin was trading above its moving average. This is the first such occurrence it has happened since the currency dropped under $20,000 in value.

A resource for on-chain analytics, during this time, Whalemap revealed that large buyers of cryptocurrency had once more offered support to the market by purchasing coins at a price of $19,200.

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According to a report by Cointelegraph, whales had indicated a great interest in levels right under $20,000. Notably, they chose not to sit around until the levels that were muchly vaunted, namely, under $16,000 as well as lower emerged in order to act on their desire. According to Michael Van de Poppe, a contributor to cryptocurrency websites, a trigger for Bitcoin will occur if the price is able to successfully flip $19.5k.

Meanwhile, altcoins made the most of Bitcoin’s surge, with Ether (ETH) increasing by roughly 6% to cross $1,100 in value.

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