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Bitcoin (BTC) is due to finish 2023 as it started, on-chain analytics firm said, as October gains near 30%.
In the latest edition of its weekly newsletter, âThe Week On-Chain,â released Oct. 24, researchers argued that the past week âsets the foundationâ for a BTC price uptrend.
BTC price âconvincinglyâ beats out resistance levels
As it hit $35,200 this week, Bitcoin eclipsed various key which had previously acted as support for months.
These included various moving averages among them the 200-week simple MA at $28,400 â the classic âbear marketâ support line.
âA cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October,â noted.
âAfter a month of the market grinding higher, In so doing, the profitability of various investor cohorts improved considerably. The so-called cost basis of speculators and market newcomers also lies near $28,000.
âThe Short-Term view mirror at $28k, putting the average recent investor into an average profit of +20%,â âThe Week On-Chainâ continued.
âWe can see instances in 2022-23 where reached relatively deep corrections of -20% or more,â they explained.
âWhilst the August sell-off did reach a low of -10%, it is noteworthy how shallow this decline is by comparison, suggesting the recent correction found noteworthy support, being a precursor to this weekâ Bitcoin could still return to that area, is This sets the foundation for a resumption of the 2023 uptrend.aggregate investor psychology is likely to be anchored, making the weeks that follow important to keep an eye on.â
BTC/USD monthly returns (screenshot). Source:
Per data from on-chain monitoring resource , BTC/USD is currently up 26% this month â by October standards, still relatively modest.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision
