Bitcoin Holds Steady Below $30,000, Market Analysts Eagerly Awaiting Weekly Close
As Bitcoin hovers around the $30,000 mark, all eyes are on the weekly close, drawing considerable interest from market analysts.
Reaching $30,026 just as Wall Street opened on October 20, Bitcoin showcased its resilience, recording a two-month high at $30,233 on Bitstamp, maintaining its strength throughout the Asian trading session. However, at the time of writing, there was a minor dip, bringing the spot price back below $29,500.
The market remains volatile, and many experts believe that a solid weekly candle close is crucial to confirm the sustainability of this rally.
Keith Alan, co-founder of monitoring resource Material Indicators, highlighted the significance of the 100-week moving average (MA) at $28,627. He emphasized the need for a weekly candle close above this level and a subsequent week’s candle to stay above it without any wicks below it for it to be considered a true bull breakout. He also pointed out the need for Bitcoin to overcome previous resistance levels at $30.5k, $31.5k, and ultimately $33k for a confirmed and validated bull breakout.
In terms of support levels, popular trader Pentoshi identified $28,900 as the critical line in the sand for bullish sentiment.
Meanwhile, trader Skew, focusing on low-timeframe market conditions, suggested that a sweep of late long positions might create an entry opportunity before the upward trend resumes. He noted that there might be a surge in long positions around the $30,000 mark.
Looking at the bigger picture, the trading team at Stockmoney Lizards predicted that the resistance just above $30,000 would soon give way. They compared the current BTC/USD situation in 2023 to the breakout in 2020 and expressed optimism about substantial upside potential. They highlighted that the approval of the United States’ first Bitcoin spot price exchange-traded fund (ETF) would be a game-changing factor.
In a statement, they said, “31/32k will break soon,” and they emphasized the importance of mass adoption and ETF approval as the driving forces behind Bitcoin’s future price movement. Stockmoney Lizards also made reference to the upcoming block subsidy halving scheduled for April 2024, underscoring its potential impact on the market.
