. Weekly Bitcoin Analysis - Bitcoin Tests $30K as BlackRock ETF Optimism

Weekly Bitcoin Analysis – Bitcoin Tests $30K as BlackRock ETF Optimism

Weekly Bitcoin Analysis – Bitcoin Tests $30K as BlackRock ETF Optimism

21 Oct 2023

Introduction:

Bitcoin is making a strong push to test the crucial $30,000 level. Recent, albeit inaccurate, reports about BlackRock’s supposed adoption of a Bitcoin spot ETF and the upcoming halving event have fuelled this surge. Even though these rumors have been debunked, they’ve hinted at the potential for substantial gains upon official ETF approval, with analysts now giving over a 90% likelihood of SEC acceptance. In other crypto market news, Ethereum’s price is slipping, while XRP experiences a notable 6% jump, marking its most significant single-day gain in three months.

Bitcoin:

Bitcoin surges to test key $30,000 level.

The most significant cryptocurrency, Bitcoin, is nearing a pivotal point around $30,000. This movement is a result of recent, yet inaccurate, reports suggesting that BlackRock is set to embrace a Bitcoin spot ETF and the upcoming halving event.

Although these rumors have been proven false, they provided investors with a glimpse of the potential for substantial gains when an official ETF application is approved. Analysts are now indicating a likelihood of over 90% for SEC approval.

Information from sources associated with BlackRock suggests a potential approval within the next 3 to 6 months, coinciding with the upcoming halving in April 2024. Amid Federal Reserve decisions and increasing global tensions, Bitcoin is gathering momentum and drawing closer to a critical point, demonstrating resilience by weathering adverse news with fewer downturns.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 29009.36 | Positive Crossover | Bullish
  • MA 20: 27914.34 | Positive Crossover | Bullish
  • MA 50: 27454.18 | Positive Crossover | Bullish

Simple:

  • MA 5: 28924.30 | Positive Crossover | Bullish
  • MA 20: 27802.61 | Positive Crossover | Bullish
  • MA 50: 26903.76 | Positive Crossover | Bullish

    RSI (Relative Strength Index): 72.62| Buy Zone | Bullish

Stochastic Oscillator: 100| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 29995.75 | R2: 32002.07
  • S1: 28476.70 | S2: 26686.39

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 30538.27 | Take Profit: 32002.07 | Stop Loss: 29615.99.

Elsewhere In the Crypto Market.

Ethereum price slips amid signs of potential rally. XRP jumps 6% as XRP registers the biggest day gain in three months.

Bitcoin is up (0.32%) at 29,784.0, Ethereum is up (0.01%) at 1,605.1, Litecoin is up (1.14%) at 64.15, Solana is up (6.28%) at 27.90, Dogecoin up (0.75%) at 0.06.

Key Economic Events & Data Release for Upcoming Week:

(USD) Fed Chair Powell Speaks (Thursday)

(EUR) ECB Interest Rate Decision (Oct) (Thursday).

(USD) GDP (QoQ) (Q3) (Thursday)

(USD) Initial Jobless Claims (Thursday)

(EUR) ECB Press Conference (Thursday)