Bitcoin (BTC) Price Analysis for October 20

Bears are trying to come back to the game at the end of the day, according to CoinStats.

BTC/USD

Bitcoin (BTC) is one of the biggest gainers today, rising by 2.43%.

On the hourly chart, the rate of BTC is near the local resistance of $111,436. If buyers can hold the gained initiative, one can expect a level breakout, followed by a further upward move to the $112,000 mark.

On the longer time frame, the price of the main crypto is rising after a breakout of the resistance of $109,261.

However, the volume remains low, which means bulls might need more time to accumulate energy for a further move. In this case, sideways trading in the range of $110,000-$114,000 is the most likely scenario.

From the midterm point of view, the situation is similar as the rate of BTC is far from main levels. In this regard, traders are unlikely to witness sharp moves until the end of the month.

Bitcoin is trading at $111,201 at press time.

Source