Bitcoin ($20,768) surged above $20,000 on October 25th. This is because risk assets benefited from the new US dollar weakness.
Bitcoin hits three-week high
Data from Cointelegraph Markets Pro and TradingView show BTC/USD hit a new all-time high of $20,191 on Bitstamp.
The move coincided with gains in U.S. stocks, which in turn were buoyed by a fall in the dollar, which lost its appeal against major trading partners on the day.
At the same time, Bitcoin rose above the $20,000 mark for the first time since October 7.
“Finally, the volatility will kick in,” Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.
On the other hand, Crypto trader and analyst Il Capo pointed out that BTC outperforms altcoins in terms of profits, but the end is still in sight.
“There’s fuel to keep going,” he said.
Meanwhile, data from monitoring resource Coinglass showed the extent to which the market was short on the day.
Bitcoin short position liquidations surpassed $165 million in a single day, hitting a multi-month high. Cross-crypto short liquidations surpassed $400 million.
The dollar has been losing value rapidly, but it is still fighting to stay afloat.
After the event occurred, the analytics service Material Indicators monitored the changing support and resistance levels on the Binance order book.
There was a cluster of sell orders totaling more than $110 million in the $20,000 zone, and bulls were able to make a significant impact with the impulse.
According to FireCharts, the remaining $83 million of the $112 million BTC sell wall that was seen this morning has been moved up. This is confirmed by a chart showing a heat map of trades.
