Bitcoin [BTC] Price Analysis (30/10/2020)

The Bitcoin price is flimsy above $13,000.

At the back of supportive fundamentals and legitimization from the Iranian government, the coin is up five percent against the USD in the last week of trading, stretching ETH as a result.

From the daily chart, the BTC price continues to maintain a bullish trajectory above August 2020 highs. As long as prices are trading above $12,500, every pullback provides another ramping opportunity for aggressive traders.

However, for the risk-averse, a strong close above $14,000 complete with high trading volumes preferably exceeding the break-out volumes of Oct 21 (Coinbase date) may see the BTC price glide towards $20,000 and register a new 15-month and 2020 high.

Conversely, steep and equally high volume losses below $12,500 could see the BTC price glide back to $11,200 and even $10,000; proving a fake bull breakout.

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