Bitcoin Breaks $245 Dollars, Nears $250


Bitcoin broke the important $245 level just an hour ago. Prices got as high as $247.50 which is exactly where we are trading right now. The bullish BTC push translated into gains for Litecoin as well. Bitcoin’s little brother advanced over 5 cents today, or 1.6 percent.

Bitcoin Breaks $245 Dollars

Bitcoin broke the important $245 handle today. This was the September high for the crypto, as well as the daily high on October 6th and October 11th.  On October 7th and October 12th we got as close as $244.95. We kept bumping up against $245 for the past seven days, so it’s no surprise to finally see this level broken.


While this break is significant, right after it we find another important resistance at $250 dollars on Fxopen. On other bitcoin exchanges the bulls already broke the $250 handle but failed to clear it. For example on OKCoin we traded as high as $252.75 before pulling back to $250.55.

To jump start a new trend higher, the round $250 dollars level has to be decisively broken. This was the jumping point for bitcoin’s rally back in June, as well as for the move lower in August. A clean break would open the door to the $269 swing high. Further up, some resistance can be found at $290 but the stronger level is at the round $300 figure. On the lower end a breakdown below the $224 swing low should re-start the downtrend.

Litecoin Breaks $3.12, Nears $3.18

Alternative cryptocurrency Litecoin is following big brother bitcoin higher. Prices today traded as high as $3.1453, beating yesterday’s high at $3.1410. The crypto has already cleared the double top formation at $3.12.


But more work remains for the bulls. The key area is right ahead, between $3.17 and $3.1840. At $3.17 we have a previous support level, followed by a former swing high at $3.1799 and another previous swing low at $3.1840. This confluence of three previous swing high/lows should create a strong level. A clean move above $3.19 may start a LTC rally.

On the lower end, we have support at $3 dollars, followed by another round figure at former swing low at $2.50. This was the lowest point reached during the previous LTC downmove back in August. While this level is important, just 10 cents below it we find another important figure at $2.40 dollars per coin, a previous LTC swing high. To establish a new downtrend, a clearing of $2.40 may be needed.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate


US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.