As Wall Street opened on October 20, Bitcoin (BTC) broke through $30,000, and analysts turned their attention to the weekly closing price.
BTC Price Opens Weekly Closing Showdown
Data comes from Cointelegraph Markets Pro and trading view A new 2-month BTC price hit $30,233 on Bitstamp.
The pair continued to strengthen during the Asian trading session, but fell slightly at the time of writing, taking spot prices back below $29,500.
With volatility still evident, market participants believe a weekly close is needed to determine the true staying power of the rally.
For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 is particularly important.
“This move is worth watching, but what I’m looking at right now is whether the weekly candle closes above the 100-week EMA, and whether next week’s candle can hold above it with no shadow below it,” he said wrote Part of the X post of the day.
“Some may see this as confirmation of a bull market breakout, but this market is known for squeezes and false exits, so I’m looking for more confirmation. For me, BTC still needs to break through $305,000, $31,500, and It will ultimately be the previous resistance level of $33,000 that will confirm and validate the bull market breakout.”
Eyeing the needed support area, popular trader Pentoshi marks $28,900 as the floor for long holdings.
Bitcoin USD renew
Hope to see a slight dip, with prices now holding above the 28.9-29.2k area pic.twitter.com/Mq01tU4B7T
— Pentoshi euroPeng (@Pentosh1) October 20, 2023
Meanwhile, trader Skew, who tracks low time frame (LTF) market conditions, said a late sweep by bulls could lead to entry opportunities before the upside resumes.
“I suspect the bulls will start to emerge around $30,000,” he said Tell The exchange order book data chart for X subscribers and $30,000 reappears.
“So if this LTF trend is broken, a nice sweep could be a good entry opportunity before moving higher and wouldn’t be surprised to see that happen.”
Bitcoin ETF approved, predicting ‘mass adoption’
Taking a bullish long-term view, trading team Stockmoney Lizards predicts that resistance above $30,000 will soon break down.
Related: Holding Hard: Long-Term Bitcoin Investors Own Over 76% of BTC for the First Time
Analysts have updated the fractal chart of BTC/USD’s 2023 breakout versus the 2020 breakout, arguing that now is the time for a major move higher. The approval of the first Bitcoin spot-price exchange-traded fund (ETF) in the United States will be a decisive factor.
“31/32k will be breached soon,” part of the accompanying comments read.
PS: Many of you will say again: “But 2020 was after the halving, we are now before the halving” – the answer: It doesn’t matter. Mass adoption/ETF approvals will be a driver this year. “
Stockmoney Lizards mentioned the upcoming block subsidy halving planned for April 2024.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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