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Bitcoin retests key $20K level- can bulls get a better shut?

Bitcoin worth rose sharply once more on Friday as a dose of volatility helped BTC add almost $1,000 inside hours to prime the $20,000 mark. Certainly, the BTC/USD pair rose as excessive as $20,182 on crypto trade Coinbase – up from an intraday low of round $19,154 reached earlier within the day.

The worth replace beneath reveals one occasion the place worth had elevated by over $800 in 24 hours.

The $BTC worth is at $20,126.22 proper now.
🟢 In comparison with the final tweet, the worth has elevated by $102.69 (0.51%).
🟢 Within the final 24 hours the worth has elevated by $877.21 (4.56%).#Bitcoin #BTC

— Bitcoin updates (@Bitcoin8News) September 30, 2022

The upside for the flagship crypto asset cascaded throughout the altcoin market, with Ethereum additionally seeing a swift leap to above $1,370 and Ripple’s XRP holding to most positive factors after ripping increased earlier on one other rating for the corporate is its case with the US Securities and Alternate Fee (SEC).

Elsewhere, the US inventory market additionally opened barely increased, though the muted transfer shouldn’t be helped by the prevailing unfavourable sentiment. The S&P 500 trades at ranges not seen since 2020 and as is probably going, it might slip decrease to finish the brutal Q3 within the purple.

Can bulls see a better BTC month-to-month shut?

September has been a brutal month throughout the chance belongings market, with Bitcoin oscillating across the $20k stage with some painful dips in direction of the $18,000 help space.

Now with the traditional market session simply hours away from the month-to-month shut, the eye might be on whether or not bulls can keep away from a second consecutive purple month. As seen on the chart beneath, BTC is about 1.8% within the purple, with August seeing the cryptocurrency dump greater than 13%. 

Bitcoin has had a purple month in 4 out of the final 5, with the final one ending with BTC/USD simply above the crucial $20k. 

BTCUSD month-to-month worth chart. Supply: TradingView

A better month-to-month candle shut Friday might arrange contemporary bids for the weekend and push BTC/USD increased. It’s an outlook that’s probably if $19,600 holds and a push for $20,300 opens up the $22,000 resistance line.

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