Bitcoin (BTC) tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.
BTC price sets up weekly close showdown
Data from Cointelegraph Markets Pro and TradingView captured recent two-month BTC price highs of $30,233 on Bitstamp.
The pair showed continued strength in the course of the Asia trading session, with a slight comedown happening on 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 needed as a way to establish the rally’s true endurance.
For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.
“This move is one to look at, but what I’m expecting straight away is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below,” he wrote partly of an X post on the day.
“Some might consider that a confirmation of a bull breakout, but this market is thought for squeezes and faux outs so I’m in search of more confirmations. For me BTC may also have to take out prior resistance at $30.5k, $31.5k and ultimately $33k to call a bull breakout confirmed and validated.”
Eyeing required support zones, popular trader Pentoshi flagged $28,900 because the line within the sand for bulls to carry.
$BTC update
Would prefer to see shallow dips and now price maintain above 28.9-29.2k area https://t.co/12UUsbRRSq pic.twitter.com/Mq01tU4B7T
— Pentoshi euroPeng (@Pentosh1) October 20, 2023
Tracking low-timeframe (LTF) market conditions, meanwhile, fellow trader Skew suggested that a sweep of late longs could lead to an entry opportunity prior to upside resuming.
“I believe longs are beginning to fomo in here around $30K,” he told X subscribers alongside a chart of exchange order book data as $30,000 reappeared.
“So if this LTF trend breaks a pleasant sweep could possibly be a pleasant entry before higher would not be surprised to see something like this play out.”
Forecast expects “mass adoption,” Bitcoin ETF approval
In an optimistic longer-timeframe view, trading team Stockmoney Lizards predicted that resistance immediately above $30,000 would soon crack.
Related: Hodling hard: Bitcoin’s long-term investors own over 76% of all BTC for the primary time
Updating a chart fractal comparing BTC/USD in 2023 to its 2020 breakout, analysts argued that the time for significant upside is now. An approval of the United States’ first Bitcoin spot price exchange-traded fund (ETF) would form the clinching factor.
“31/32k will break soon,” a part of accompanying commentary read.
“P.S.: Many of you’ll over again say: ‘But 2020 was after halving, here we’re before’ — answer: doesn’t matter. This yr mass adoption / ETF approval can be THE driver.”
Stockmoney Lizards referenced the upcoming block subsidy halving scheduled for April 2024.
This article doesn’t contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their very own research when making a choice.
