. Daily Crypto Analysis - 9.8% Bitcoin Gain Fuels ETF Hopes, Ignites Crypto Enthusiasm

Daily Crypto Analysis – 9.8% Bitcoin Gain Fuels ETF Hopes, Ignites Crypto Enthusiasm

Daily Crypto Analysis – 9.8% Bitcoin Gain Fuels ETF Hopes, Ignites Crypto Enthusiasm

23 Oct 2023

Introduction:

In the world of Bitcoin, anticipation of ETF approval fuels a remarkable 9.8% weekly surge, the largest since June. This boost has also positively impacted Ether and raised historical expectations of a 10% average increase in the coming month. Meanwhile, industry giants BlackRock and Fidelity vie to launch a US Bitcoin ETF, potentially attracting more institutional capital. Analysts foresee approval by year-end, fortifying Bitcoin’s mid-term prospects amidst shifting Federal Reserve interest-rate policies. In other crypto developments.

Bitcoin:

Bitcoin ETF approval anticipation propels significant weekly surge.

Bitcoin saw a significant 9.8% weekly increase, the largest since June, driven by anticipation of US ETF approval for direct cryptocurrency investment. This surge also had a positive effect on other cryptocurrencies, with Ether rising by 3.3%. Historical trends suggest an average 10% increase in Bitcoin in the following month.

Asset management giants BlackRock and Fidelity are competing to launch a US Bitcoin ETF, potentially attracting more institutional capital. Market analyst Tony Sycamore predicts ETF approval before year-end, strengthening Bitcoin’s mid-term outlook, especially with recent changes in Federal Reserve’s interest-rate hike stance.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 30202.44 | Positive Crossover | Bullish
  • MA 20: 29280.34| Positive Crossover | Bullish
  • MA 50: 28382.78| Positive Crossover | Bullish

Simple:

  • MA 5: 30147.15 | Positive Crossover | Bullish
  • MA 20: 29179.59| Positive Crossover | Bullish
  • MA 50: 28064.85 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.84| Buy Zone |Bullish

Stochastic Oscillator: 84.46 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 30538| R2: 31948
  • S1: 29561| S2: 28639

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 31064.29 | Take Profit: 31943.41 | Stop Loss: 30478.20.

Elsewhere In the Crypto Market

The price of Ethereum (ETH) broke out of its multi-month consolidation, indicating a shift in favor of the bearish trend.
Ripple (XRP) price maintains its upward momentum, in line with the sudden shift to a bullish trend in the overall market.

Bitcoin up (1.73%) at 30521.00, Ethereum up (0.67%) at 1,675.3, Litecoin up (1.86%) at 66.42, Solana up (5.27%) at 30.33, Doge coin up at (3.76%) at 0.64 as of writing time.

Key Economic Events & Data Release Today:

No Major events today.