. Daily Crypto Analysis - Bitcoin Surges 110% to 17-Month High in 2023

Daily Crypto Analysis – Bitcoin Surges 110% to 17-Month High in 2023

Daily Crypto Analysis – Bitcoin Surges 110% to 17-Month High in 2023

26 Oct 2023

Introduction:

Bitcoin has surged to a 17-month high, driven by optimism surrounding a BTC ETF and the approaching April halving. This year, its value has doubled, rising by 110% from the end of December. As Bitcoin maintains a strong position between its yearly low and high, the April 2024 halving event is expected to kick-start the next bull market. In the world of cryptocurrency, Ethereum has stabilized around $1,800 after a 9% weekly gain, while XRP’s price tests crucial support following a 15% increase in the past week.

Bitcoin:

Bitcoin has clawed its path to a 17-month peak, steered there by BTC ETF hope and April having countdown.

The price of Bitcoin has seen remarkable growth in the current year, doubling in value by surging 110 percent from its December 31 closing price of $16,542. Bitcoin is maintaining its position above the midpoint between its yearly low and high, which stands at $35,184. The upcoming Bitcoin halving scheduled for April 2024 is anticipated to serve as the catalyst for the next bull market cycle.

Bitcoin (BTC) has recently reached a peak not seen since May 2022, marking a 17-month high. This sudden surge has taken many by surprise, as the leading cryptocurrency continues its upward trajectory, evoking a strong sense of a bull market. While the exact driving force behind this rally remains uncertain, it appears that all indications are pointing either towards the impending BTC halving or the anticipation of an imminent launch of a spot BTC exchange-traded fund (ETF).

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 34232.02 | Positive Crossover | Bullish
  • MA 20: 32156.26| Positive Crossover | Bullish
  • MA 50: 30096.60| Positive Crossover | Bullish

Simple:

  • MA 5: 34389.21 | Negative Crossover | Bearish
  • MA 20: 32154.19| Positive Crossover | Bullish
  • MA 50: 29177.72 | Positive Crossover | Bullish

RSI (Relative Strength Index): 77.17| Buy Zone |Bullish

Stochastic Oscillator: 90.76 | Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 34731| R2: 37551
  • S1: 32887| S2: 31514

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Buy Limit: 32887 | Take Profit: 35411 | Stop Loss: 31424.

Elsewhere In the Crypto Market

Ethereum (ETH) has found stability in the vicinity of $1,800, a notable psychological resistance point, following a robust 9% increase in its value over the course of this week. The XRP price is currently probing vital support levels, having gained close to 15% over the past week.

Bitcoin up (0.91%) at 34240.00, Ethereum up (0.02%) at 1,785.7, Litecoin down (0.26%) at 68.83, Solana up (1.37%) at 32.15, Doge coin down at (1.13%) at 0.65 as of writing time.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 02:05.

(USD) GDP (QoQ) (Q3) Forecast 4.3%, Previous 2.1% at 18:00.

(EUR) ECB President Lagarde Speaks at 19:45.