Bitcoin Posts Monthly Close Near $13,000 for the First Time Since 2017
1 min read · · Korean original
In October 2020, Bitcoin's price closed near $13,000. This is the first time since it hit its all-time high of $20,000 in December 2017. With this monthly candle, Bitcoin closed above key support levels on both the daily and weekly charts.
For traders, the monthly chart is considered an important timeframe, alongside the weekly chart. The fact that Bitcoin's October candle closed above $13,000 is quite encouraging.
Will Bitcoin Reach $20,000?
According to an analysis by ARK Invest cited by Cointelegraph, there is almost no resistance between $13,000 and $20,000. Given that this monthly candle closed green, there is a possibility that Bitcoin could climb back to its all-time high.
Analysts say this rally was driven by the DeFi boom that started early in the year, along with the growing mainstream adoption of crypto, such as PayPal's recent introduction of simple crypto payments.
Meanwhile, Bitcoin hit $20,000 in 2017 and $14,000 in 2019.
