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In October, the $20K Level May Turned into Support for Bitcoin

Gus – Cryptocurrency Expert

According to the cryptocurrency market investment tracker CoinMarketCap, the price of the market leader in cryptocurrencies, Bitcoin (BTC), has increased 4.36% during the past 24 hours. As a result, the price of bitcoin has risen past the crucial $20,000 mark. At the time of publication, BTC was worth $20,188.54. Additionally, during the past seven days, the price of BTC has increased.

The overall daily volume for BTC has increased by 194.06% over the previous day to $79,749,216,832.

On the monthly Bitcoin/USD chart, the green level at roughly $20k has to be flipped back into support for BTC's price to retake the green-red macro range, which is between $20k and $23.3k. BTC would be set up for a comeback if its monthly closing can close above the green line this month. The price will most likely return to a resistance area, however, if the monthly close falls below the green level.

In related news, the overall value of the cryptocurrency market has increased by 4.92% during the last 24 hours to $978.20 billion. The market cap increase can be due to some of the top 10 largest cryptocurrencies posting double-digit price increases. The values of Dogecoin (DOGE), Cardano (ADA), and Ethereum (ETH) all increased by over 10%. With the most recent price gain for BTC, the market capitalization of the top cryptocurrency has increased to $387,467,700,923.

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