At the Wall Street open on Oct. 20, Bitcoin (BTC) surged to $30,000, prompting analysts to focus on the crypto market’s weekly close.
BTC price sets up weekly close showdown
Data from Cointelegraph Markets Pro and TradingView revealed a two-month high of $30,233 for BTC on Bitstamp. During the Asia trading session, the crypto market saw a slight decrease in price, bringing it back below $29,500.
The volatility of the market has made it difficult to determine the true staying power of the rally. Keith Alan, co-founder of Material Indicators, is keeping a close eye on the 100-week moving average (MA) at $28,627.
“This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s crypto market candle can stay above it with no wicks below,” he wrote in part of an X post.
Pentoshi has identified $28,900 as the support zone that bulls need to hold in order to keep the price up. Skew has suggested that a sweep of late longs could result in an entry opportunity prior to the crypto market resuming its upside, based on the low-timeframe (LTF) market conditions.
“I suspect longs are starting to fomo in here around $30K,” he told X subscribers alongside a chart of exchange order book data as $30,000 reappeared.
Forecast expects “mass adoption,” Bitcoin ETF approval
Stockmoney Lizards’ trading team is optimistic about the crypto market, expecting resistance above $30,000 to soon break. Comparing BTC/USD in 2023 to its 2020 breakout, analysts believe that the time for significant upside is now, with the approval of the first U.S. Bitcoin spot price exchange-traded fund (ETF) being the clinching factor.
“31/32k will break soon,” part of the commentary read.
The team also referred to the upcoming block subsidy halving scheduled for April 2024.
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