bitcoin (btc) raked in $30,000 at Wall Street’s Oct. 20 open as analysts turned their attention to the weekly close.
btc Price Sets Weekly Closing Showdown
Data from Cointelegraph Markets Pro and TradingView captured new two-month btc price highs of $30,233 on Bitstamp.
The pair showed continued strength during the Asian trading session, with a slight drop at the time of writing taking the spot price back below $29,500.
With volatility still evident, market participants argued that a weekly candle close was necessary to establish the true staying power of the rally.
For Keith Alan, co-founder of tracking resource Material Indicators, the 100-week moving average (MA) of $28,627 was of particular importance.
“This move is something to watch, but what I’m watching right now is to see if this weekly candle closes above the 100-week moving average and if next week’s candle can stay above it with no wicks below,” said. wrote in part of an X publication of the day.
“Some might consider this confirmation of a bullish breakout, but this market is known for pullbacks and false exits, so I’m looking for more confirmation. “For me, btc will also need to clear previous resistance at $30.5K, $31.5K, and ultimately $33K to confirm and validate a bullish breakout.”
Looking at the required support zones, popular trader Pentoshi marked $28,900 as the line in the sand for the bulls to hold.
I would like to see shallow declines and now the price remains above the 28.9-29.2k area. https://t.co/12UUsbRRSq pic.twitter.com/Mq01tU4B7T
— Pentoshi euroPeng (@Pentosh1) October 20, 2023
Meanwhile, following low time frame (LTF) market conditions, fellow trader Skew suggested that a series of late long positions could result in an entry opportunity before the rally resumes.
“I suspect longs are starting to rise here around $30,000,” he said. said X subscribers along with a chart of exchange order book data when $30,000 reappeared.
“So if this LTF trend breaks, a good sweep could be a good entry before the bulls won’t be surprised to see something like this.”
Forecast Expects ‘Mass Adoption’, bitcoin ETF Approval
In a long-term bullish view, the Stockmoney Lizards trading team predicted that the resistance immediately above $30,000 would soon be broken.
Related: Hodling hard: Long-term bitcoin investors own more than 76% of all btc for the first time
Updating a fractal chart comparing btc/USD in 2023 with its 2020 breakout, analysts argued that now is the time for a significant improvement. Approval of the United States’ first bitcoin spot price exchange-traded fund (ETF) would be the deciding factor.
“31/32k will be broken soon”, part of the comment attached read.
“PS: Many of you will say once again: ‘But 2020 was after the halving, here we are before’; The answer: it doesn’t matter. This year mass ETF adoption/approval will be THE driver.”
Stockmoney Lizards referenced the upcoming block subsidy halving scheduled for April 2024.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
