Bitcoin (BTC) pumped $30,000 into Wall Street’s rally on October 20 as analysts focused on weekly closing prices.
BTC price sets weekly closing price showdown
Cointelegraph Markets Pro and TradingView BTC price hit a two-month high of $30,233 on Bitstamp.
The pair showed continued strength during the Asian trading session, but a slight decline took place at the time of writing, taking the spot price below $29,500.
With volatility still evident, market participants argued that weekly candlestick closes were needed to establish the true staying power of the bull market.
The 100-week moving average (MA) of $28,627 was particularly important to Keith Allan, co-founder of monitoring resource Material Indicators.
“This is a notable move, but what I’m looking at right now is whether this weekly candlestick closes above the 100-week moving average and if next week’s candlestick closes below it,” he said. It’s about seeing if we can stay on top without the core.” I have written Some of the X posts of the day.
“Some may see this as confirmation of a bullish breakout, but this market is known for squeezes and fakeouts, so I’m looking for further confirmation. To me, BTC is a bullish breakout. We also need to remove the pre-resistance levels at $30,500, $31,500, and finally $33,000 to confirm and validate the out.”
Noting the necessary support zone, popular trader Pentoshi has set $28,900 as the limit for the bulls to sustain.
— Pentosh Europen (@Pentosh1) October 20, 2023
Meanwhile, fellow trader Skew, who tracks low time frame (LTF) market conditions, suggested that clearing out the late longs could provide an entry opportunity before the upside resumes.
“I think the longs are starting to move around $30,000 here,” he says. Said The chart is redisplayed with X subscribers and $30,000 of exchange order book data.
“So if this LTF trend breaks, a nice sweep could be a nice entry before the high level wouldn’t be surprised to see something like this play out.”
Expectations predict “mass adoption” and approval of Bitcoin ETF
Taking an optimistic long-term view, trading team StockMoney Lizards predicted that resistance just above $30,000 would break soon.
Related: Hard Hold: Long-term Bitcoin Investor Owns Over 76% of All Bitcoin for the First Time
Analysts updated a fractal on the chart comparing 2023 BTC/USD to the 2020 breakout, arguing that now is the time for a significant rally. The deciding factor will be the approval of the first Bitcoin spot price exchange-traded fund (ETF) in the US.
“31/32k will soon break through” (part of the explanation) read.
“P.S. Many of you will say this again: “But 2020 was after the halving. Now it’s before the halving.” –Answer: That doesn’t matter. Mass adoption/ETF approvals this year. will be the driving force.”
Stock Money Lizards mentioned the planned halving of block subsidies in April 2024.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.