- The price of Bitcoin is around $13,300, bounded inside a daily uptrend.
- Several on-chain analysis platforms reported that the largest Bitcoin options trade ever was just filed.
Bitcoin is trading around $13,300 after a rally from $10,000. Many investors seem to be targeting at least $30,000 by January 2021. Statistics from Skew show that Jan21 calls crossed 10,000 with a 1:4 ratio on $32,000/36,000.
Essentially, investors are betting on Bitcoin’s price to reach more than $30,000 by the end of January 2021. The flagship cryptocurrency is facing bearish and bullish indicators. On one hand, the potential double top on the weekly chart is negative. However, the IOMAP and other indicators show very little resistance to the upside.
Is Bitcoin on its way to $30,000?
Bitcoin just hit $13,863 on October 28, a price point identical to the one established on June 24, 2019, at $13,868, which suggests the potential of a double top on the weekly chart. So far, the price of BTC slipped to $12,785 but recovered at $13,280 currently.
Despite the recent rejection, the weekly uptrend is intact as basically any price point above $9,800 can be viewed as a higher low. The MACD flipped bullish again on October 12, and it’s gaining momentum which indicates there is still a lot of buying power.
BTC/USD weekly chart
Bitcoin’s Market-Value-to-Realized Value (MVRV) is not in the danger zone above 18% just yet. In the past, whenever this metric crossed above this area, Bitcoin suffered a substantial pullback. However, it seems that BTC still has some room to work with before a correction.
Bitcoin MVRV (30d) chart
On the 4-hour chart, Bitcoin’s price has painted an ascending broadening wedge with the current resistance at around $14,000 and a price target of $15,500. So far, the flagship cryptocurrency has defended the 50-SMA at $13,190, which continues to act as a robust support level.
BTC/USD 4-hour chart
The In/Out of the Money Around Price chart continues to show very little resistance ahead with only one significant area between $13,305 and $13,691, where investors would break even if they sold.
BTC IOMAP chart
On the other hand, the support trendline is located at $13,138. A breakdown of this point can drive the price of Bitcoin down to $12,727. The MACD turned bearish on October 28 and seemed to be gaining momentum again.
Other bearish price points can be found using the CME Bitcoin Futures chart. There are currently three gaps formed. The first one at $11,385 on October 16, another one at $11,170 on October 9, and the last one at $10,590 on October 5.
Bitcoin CME chart