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$930M in Bitcoin Options Expire Next Friday — Time to Worry?

Open interest on Bitcoin options contracts expiring next Friday amounts to $930 million, but what price action should be expected?

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Blockchain

Bitcoin Breaks To New 2020 High on PayPal News: This Was The Weekly Crypto Market Update

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This week was particularly interesting in the cryptocurrency markets. Bitcoin’s price charted a new 2020 high, surging to as much as $13,217 on Binance. The entire market cap surged and gained almost $40 billion throughout the past seven days.

The catalyst for this major move was PayPal. The world’s largest online payment processor announced that it would allow its customers to buy, sell, and store cryptocurrencies as soon as the next few weeks for US-based users. The rest of the world would have to wait for the first half of 2021.

To anyone wondering, PayPal has millions of merchants in its network, and the CEO of the company said that they would work actively into incorporating digital currencies in their system. Moreover, it’s also interesting to see how banks and regulators will react to the news. Almost every bank accepts PayPal transfers, but almost none of them accept Bitcoin transfers.

Almost immediately after that, reports started circling, indicating that PayPal is in talks with BitGo, a leading Bitcoin custodian, over a potential acquisition deal.

In general, the shift towards online payment processing and digital currencies becomes even more apparent in 2020. Whether it’s because of the global pandemic or for other reasons is something that remains to be determined, but here’s an overall outlook of the performance of major companies and banks.

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Elsewhere, the billionaire investor Paul Tudor Jones III doubled-down on his Bitcoin bet, saying that he likes the cryptocurrency even more following the latest rally and that it’s the best “inflation trade.”

It’s also worth noting that regulators continue their increasing involvement in the field. This week, a Bitcoin mixer was fined $60 million by FinCEN.

It surely was an intensive week, and it’s very interesting to follow the market as we are about to enter the last two months of 2020.

Market Data

Market Cap: $392B | 24H Vol: 95B | BTC Dominance: 60.9%

BTC: $12,878 (+13.69%) | ETH: $408.80 (+11.12%) | XRP: $0.252(+5.81%)

PayPal to Enable Bitcoin and Crypto Purchasing and Selling. The world’s largest online payment processing company, PayPal, has announced that it will allow its users to buy, sell, and store cryptocurrencies. The US-based customers will be able to do so in the coming weeks, while the rest of the world would have to wait until the first half of 2021.

I Like Bitcoin, Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones. Billionaire investor Paul Tudor Jones II has become an even bigger fan of Bitcoin. He said that he likes it even more following the most recent price action and that it is the “best inflation trade.”

Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt. Bitcoin might be in for the highest monthly close in its relatively short history, according to popular analyst Peter Brandt. That is, of course, if it manages to upkeep its momentum until the end of October.

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds. According to a recent survey, the majority of cryptocurrency investors hold most of their portfolio in Bitcoin. This comes somewhat expectedly, given the latest developments on the market and BTC being able to chart a new 2020 high.

The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey). In a survey conducted by CryptoPotato, investors revealed that their biggest concern related to the price of Bitcoin in 2020 is the upcoming US 2020 Presidential Election and whether or not Donald Trump will get reelected.

Bitcoin Mixer Penalized by FinCEN With $60 Million in Fines. The United States Financial Crimes Enforcement Network has managed to strike another blow to privacy enthusiasts. The watchdog fined a Bitcoin mixer with as much as $60 million in civil penalties.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-breaks-to-new-2020-high-on-paypal-news-this-was-the-weekly-crypto-market-update/

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Bullish: Huge H&S Pattern Developing in Bitcoin With $20K Target At ATH

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After quite a volatile rally to $13,000, bitcoin price action has tempered down a bit. But, the case for future gains remains strong, according to a technical setup that popular Youtube and Twitter-based BTC analyst Carl Martin shared today. This will surely get the hopium levels of bulls soaring. According to him, the top cryptocurrency will soon hit the previous all-time high of $20,000. But there’s a catch.

Bitcoin’s Road To $20,000 In 2020 Has An Inverse Head And Shoulders

According to an inverse head and shoulders (IH&S) setup shared by Carl, who, by the way, goes by the name of ‘TheMoon,’ bitcoin price has already cleared the first two stages of the IH&S pattern. Based on this, Carl remarked that the price target of $20,000 is closer than it appears.

btc_hs_oct24
BTC/USD, chart by TradingView, Source: TheMoon

Generally speaking, market participants consider IH&S as one of the bullish indicators apart from the golden cross and some wedge formations. Explosive price runs follow the successful completion of an IH&S pattern. Sometimes the upside targets look similar to the height of the middle trough.

How Does This Setup Play Out?

According to the analyst, the bitcoin price chart printed the first IH&S trough towards the beginning of this year, when BTC rallied in response to ongoing geopolitical conditions. The next formation was after the Black Thursday crash in March. This is when the bitcoin price fell all the way down to $3,858. And then, after a brief bout of sideways trading, began rallying towards April end-May beginning.

BTC formed the third IH&S trough after picking up post the September crash (after a flat trade phase, of course). This is the current rally in which bitcoin surpassed this year’s high and tapped $13,200. Carl said that the next stop is $19,700, but for that, BTC has to post a weekly close above the delineated ‘neckline.’ But will it happen?

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JP Morgan Makes The Case For A Hyper-Bullish BTC

Macro investor Dan Tapiero just shared a snapshot of the ‘Flows and Liquidity Report’ published by JP Morgan analyst Nikolaos Panigirtzoglou. The report, as per him, draws an extremely bullish outlook for bitcoin. And how? Here’s an excerpt:

…the total market capitalization for bitcoin is $240bn. At first glance, this makes it comparable to the total size ofgold ETFs at $210bn. But gold ETFs is not the main way wealth is stored in gold. Wealth is mostly stored via gold bars and coins the stock of which, excluding those held by central banks, amounts to 42600 tonnes or $2.6tr including gold ETFs. Mechanically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment to gold via ETFs or bars or coins. even a modest crowding out of gold as an “alternative” currency over the longer term would imply doubling or tripling of the bitcoin price from here. In other words, the potential upside for bitcoin is considerable as it competes more intensely with gold as an “alternative” currency we believe, given that Millenials would become over time a more important component of investors’ unviverse.

Will we see bitcoin posting a weekly close above that neckline, which Carl mentioned? Let’s see.

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Source: https://cryptopotato.com/bullish-huge-hs-pattern-developing-in-bitcoin-with-20k-target-at-ath/

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LINK Bulls Activate With 12% Daily Increase But Can They Break $12.5 Resistance? (Chainlink Price Analysis)

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LINK/USD – Bulls Form Ascending Price Channel

Key Support Levels: $11.50, $11, $10.50.
Key Resistance Levels: $12.33, $13, $13.50.

LINK bounced higher from the support at $8.77 at the start of October. From there, it started to form an ascending price channel. The coin recently bounced higher from the lower boundary of this price channel as it reversed from the $9.80 support on Wednesday.

Yesterday, LINK pushed as high as $12.33, where it met resistance at a bearish .5 Fib Retracement combined with the channel’s upper boundary. LINK is now trading at $12 as it faces the $12.33 resistance.

linkusd-oct23
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the buyers can break the resistance at $12.33 and push above the channel’s upper boundary, the first level of resistance lies at $13. Above this, resistance is expected at $13.50 (bearish .618 Fib), $14, $14.72, and $15.20 (bearish .786 Fib).

On the other side, the first level of support lies at $11.50. Beneath this, additional support lies at $11, $10.50, $10, and $9.80 (lower boundary of price channel).

There is some bearish divergence that could potentially be forming between RSI and the price. It will be important to watch this divergence to see if it plays out over the next few days as it could potentially send LINK toward the lower boundary of the price channel again.

LINK/BTC – Buyers Battling To Reclaim 0.001 BTC.

Key Support Levels: 0.0009 BTC, 0.000868 BTC, 0.00082 BTC..
Key Resistance Levels: 0.00094 BTC, 0.001 BTC, 0.00108 BTC.

Against Bitcoin, LINK is currently trading at the 0.0094 BTC resistance level. The buyers attempted to break above 0.001 BTC earlier in the month but failed miserably. A bearish .382 Fib Retracement level provides the resistance here, and it caused LINK to roll over until support was found at 0.00082 BTC a few days ago.

Since reaching this support, LINK has rebounded higher and is now facing resistance at 0.00094 BTC before it can make another attempt at 0.001 BTC.

linkbtc-oct23
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, once the buyers break 0.00094 BTC, the first level of resistance lies at 0.001 BTC (bearish .382 Fib). This is followed by resistance at 0.00108 BTC (bearish .5 Fib), 0.00112 BTC, and 0.00116 BTC (bearish .618 Fib).

On the other side, the first level of support lies at 0.0009 BTC. This is followed by added support at 0.000868 BTC, the rising trend line, 0.0008 BTC, and 0.00075 BTC (downside 1.414 Fib extension – purple).

The Stocahstic RSI recently produced a bullish crossover signal that allowed LINk to rebound higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/link-bulls-activate-with-12-daily-increase-but-can-they-break-12-5-resistance-chainlink-price-analysis/

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