October 2020 was Bitcoin’s Second Highest Monthly Close in History
Capping up a stellar October, Oct 30 close was Bitcoin’s second-highest close in its short history. Besides, by closing above $13k, last month’s candle was the first since Dec 2017 when prices soared to around $20,000.
Propping Bitcoin prices in the last few months has been the state of the global economy and the steps taken by central banks around the world to mitigate the effects of the COVID-19 pandemic. With loose monetary policies as well as record lows interest rates coupled with support from institutions and even the legitimization from Iran, Bitcoin is emerging as a preferred store of value, just like gold. The odds of the Bitcoin price rising to over $14,000 ahead of the U.S. Presidential Election is also high.
Impact on the BTC Price:
Bullish. Bitcoin is now trading at around June 2019 high, a liquidation barrier that if bulls overcome, can help pump the BTC price back to Dec 2017 highs--or better.
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