Bitcoin Hits New Two-Month High at $30,000 Amid Anticipated Rally Continuation
Summary:
On Oct. 20, Bitcoin (BTC) reached a value of $30,000 during the Wall Street open, marking a new two-month high. Analysts and traders are closely monitoring this volatile rally, anticipating the weekly close for a sense of its staying power. Special attention is being given to the 100-week moving average (MA) of $28,627 and critical support zones around $28,900. Experts believe a possible approval of the United States' first Bitcoin spot price exchange-traded fund (ETF) and the coming block subsidy halving in April 2024 could trigger major upward trends.
As Wall Street opened on Oct. 20, Bitcoin (BTC) reached the threshold of $30,000. Industry experts were eagerly anticipating the weekly close in order to gauge the strength of the cryptocurrency's surge. Cointelegraph Markets Pro and TradingView data displayed a new two-month high for BTC, reaching $30,233 on Bitstamp. The cryptocurrency demonstrated robust performance during the Asian trading session, although a minor pullback was observed, bringing the price slightly below $29,500 at the time of the report.
The volatile nature of the market led speculators to believe that a solid weekly candle closure would be needed to affirm the persistence of the rally. Keith Alan, co-founder of Material Indicators, focused on the 100-week moving average (MA) of $28,627. He pointed out that he was eager to see if the Weekly candle would stay above the 100-Week MA and if the next week's candle would maintain this position.
Renowned trader Pentoshi identified $28,900 as a critical support zone for bitcoin. Similarly, Skew, a fellow trader, noted that a surge of recent longs could provide an entrance opportunity before the price continues its upward trajectory.
In a more optimistic long-term perspective, trading group Stockmoney Lizards suggested that resistance slightly above $30,000 would soon yield. They compared the current Bitcoin trends to its 2020 breakout and suggested that, with the approval of the United States' first Bitcoin spot price exchange-traded fund (ETF), it could stimulate a significant upward trend. They also mentioned the block subsidy halving scheduled for April 2024.
The validity of this data should be considered in light of the risky nature of investments; readers are urged to conduct their own research prior to making investment decisions.
Published At
10/20/2023 2:40:12 PM
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