Bitcoin consolidates below $30,000, with market analysts interested in a weekly close for BTC prices.
Bitcoin $29,668 When Wall Street opened on October 20, analysts turned their attention to the weekly close, with the company's shares rising by $30,000.
BTC Price Opens Weekly Closing Showdown
Data from Cointelegraph Markets Pro and TradingView captured a new 2-month BTC price high of $30,233 on Bitstamp.
The pair continued to strengthen during the Asian trading session, but fell slightly at the time of writing, taking spot prices back below $29,500.
With volatility still evident, market participants believe a weekly close is needed to determine the true staying power of the rally.
For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) of $28,627 is particularly important.
“This move is worth watching, but my focus now is whether the weekly candle closes above the 100-week MA and whether next week’s candle can stay above it with no shadows below,” he wrote in part in the X post of the day.
“Some may see this as confirmation of a bull breakout, but this market is known for squeezes and fakeouts, so I’m looking for more confirmation. For me, BTC also needs to break through previous resistance levels at $305K, $31,500, and finally $33K to confirm a bull breakout and be validated.”
Focusing on the required support area, popular trader Pentoshi has marked $28,900 as the floor for bulls to hold.
Meanwhile, Skew, a trader who tracks market conditions on the low time frame (LTF), said a late-stage long sweep could present an entry opportunity before upside resumption.
“I suspect the longs started to emerge around $30,000,” he told X subscribers alongside a chart of exchange order book data as $30,000 reappeared.
“So if this LTF trend breaks, a nice sweep could be a good entry before moving higher, and I wouldn’t be surprised to see that happen.”
Bitcoin ETF approved as forecast predicts ‘mass adoption’
From a bullish long-term perspective, trading team Stockmoney Lizards predicts that resistance above $30,000 will soon break.
The analyst updated the fractal chart of the BTC/USD 2023 breakout vs. the 2020 breakout, arguing that now is the time for a major uptick. The approval of the first U.S. Bitcoin spot price exchange-traded fund (ETF) will be a decisive factor.
“31/32k will break soon,” read part of the accompanying commentary.
PS: Again many of you will say: ‘but 2020 was post-halving and we are pre-halving now’ — answer: it doesn’t matter. Mass adoption/ETF approval will be the driver this year.”
Stockmoney Lizards mentioned the upcoming block subsidy halving scheduled for April 2024.
