BTC Price Approaches $20,000, Will It Find Support at $20,000?

Bitcoin shocked everyone on Oct. 14 as its reaction to macro triggers sparked a sudden run to $20,000.

#BTC/USD pair surges to one-week highs

Data from different markets showed that the BTC/USD pair surged to one-week highs, gaining nearly $2,000 in hours.

The cryptocurrency's initial decline after September's US Consumer Price Index (CPI) data beat expectations sent jitters among bulls, but the pain was short-lived.

The bitcoin price ended up rising above its pre-CPI levels, mimicking stocks, which were described as the "biggest bear trap of 2022."

As a result, Bitcoin remained volatile and was sold when spot prices rose within a certain trading range.
Popular Twitter analytics account On-Chain College noted that settlements in a single hour of the day were the highest on those timeframes in over a month.

Data from monitoring resource Coinglass puts total BTC settlements at $116 million in 24 hours at the time of writing. Cross-cryptocurrency settlements amounted to $327 million.

Imagen obtenida de coinglass

Although it failed to recapture the $20,000 mark, bitcoin was managing to turn traders' outlooks to bullish.

Analyzing chart behavior going back to 2019, Credible Crypto argued that there were signs an extended bullish breakout could occur.

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