Bitcoin and Crypto Market Analysis – October 19, 2020

The S&P 500 rose at the start of last week, shrugging off the tail end of the previous week, and remained at a solid level until Friday to finish the week on 3.482. Contrastingly, the European and UK equity markets struggled, seeing a dip on Thursday as markets digested the impending and increasing coronavirus lockdown restrictions. Bitcoin made modest gains, whilst remaining steady as it sat above the $11,000 level. Many of the larger market cap altcoins performed well too, with some, such as Bitcoin Cash and Cardano, posting double-digit gains over seven days. Bitcoin Approaching 2019 Levels – But The Environment Has Evolved It is pleasing to see Bitcoin hit $11,000, especially given the weeks where it hung around the $10,000 range with minimal volatility. In the short term, $12,000 remains the next resistance level that I would look towards, but with an eye on the future, I would…

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