Bitcoin is consolidating below $30000, and market analysts are interested in the weekly closing price of BTC.Bitcoin$29668When Wall Street opened on October 20th, analysts turned their attention to the weekly closing price, and the company's stock price rose by $30000
Bitcoin is consolidating below $30000, and market analysts are interested in the weekly closing price of BTC.
Bitcoin$29668When Wall Street opened on October 20th, analysts turned their attention to the weekly closing price, and the company's stock price rose by $30000.
BTC price starts weekly closing duel
Data from CointegraphMarketsPro and TradeView captured a 2-month high of $30233 in BTC prices on Bitstamp.
The currency pair continued to strengthen during Asian trading hours, but slightly declined at the time of writing, causing spot prices to return below $29500.
Due to the still significant volatility, market participants believe that weekly closing is necessary to determine the true persistence of the rebound.
For Keith Alan, co founder of the monitoring resource MaterialIndicators, the 100 week moving average (MA) of $28627 is particularly important.
This trend is worth paying attention to, but what I am currently focusing on is whether the weekly candle closes above the 100 week moving average, and whether the candle can remain above it without a shadow line next week, "he wrote in some articles about the X post of the day.
Some people may think this is confirmation of a bull market breakthrough, but this market is known for squeezing and fake exits, so I am looking for more confirmation. For me, BTC still needs to break through previous resistance levels of $305000, $31500, and ultimately $33000 to confirm a bull market breakthrough and be validated
Focusing on the required support area, popular trader Pentoshi marked $28900 as the bottom line for bullish holdings.
At the same time, trader Skew, who tracks the low time frame (LTF) market conditions, stated that a later long sweep may bring entry opportunities before the upward recovery.
I suspect bulls are starting to appear around $30000, "he told X subscribers next to an exchange order book data chart when $30000 reappeared.
Therefore, if this LTF trend is broken, a beautiful sweep before going higher may be a good opportunity to enter, and it wouldn't be surprising to see such a thing happen
Bitcoin ETF
From an optimistic long-term perspective, the trading team StockmoneyLizards predicts that the resistance level above $30000 will soon burst.
BTC/USD 2023 2020 BitcoinETF
31/32k will soon break through, "wrote a section of the accompanying comments.
PS: Many of you will say again, 'But 2020 is after halving, and we are now before halving' - Answer: It's okay. This year's large-scale adoption/ETF approval will become a driving factor
StockmoneyLizards mentioned the planned halving of block subsidies to be implemented in April 2024.
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