Bitcoin Price Stabilizes Post Brief Retracement; Eyes Breakout
If the price manages to go past $28,730 level then it will likely test the recent high of $29,400.
BTC is trading at $28,392, down 0.13% in the last 24 hours as per data from CoinMarketCap.
The pursuit for a Spot Bitcoin ETF has been a focal point of the crypto sector for the better part of 2023. The market was taken aback when conventional financial giants revealed their intentions by applying with the U.S SEC.
Mike Novogratz, CEO of Galaxy Digital Holdings, has predicted that a spot Bitcoin ETF would be approved by the US SEC this year. In an interview with CNBC, Novogratz expressed his satisfaction with this forecast.
The Grayscale Court win against the agency, Novogratz emphasized, is the single most crucial factor in the forthcoming approval. Moreover, the interest rate decision is expected to be made on November 1st, therefore all eyes are on that day.
The majority of market participants anticipate no change in interest rates. However, statements indicating that interest rates may be increased again are concerning.
Bullish Momentum
At the time of writing, Bitcoin is trading at $28,392, down 0.13% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 21.20%.
Source: CoinMarketCap
The bullish momentum began with the fake spot Bitcoin ETF approval news. The price rallied all the way till the $29,400 mark. However, as the truth unfolded, price retraced back to $28,350 range. If the price manages to go past $28,730 level then it will likely test the recent high of $29,400, breaking which it will head towards the $30,500 resistance area.
However, if the price breaks below the $27,700 support level, then it will likely head towards the $27,100 mark. Further decline will result in price testing $26,600 level.
