BTC price hits 2-month high amid bet Bitcoin will break $32K ‘soon’

Bitcoin

Bitcoin (BTC) tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.

BTC/USD 1-hour chart. Source: TradingView

BTC price sets up weekly close showdown

Data from Cointelegraph Markets Pro and TradingView captured new two-month BTC price highs of $30,233 on Bitstamp.

The pair showed continued strength during the Asia trading session, with a slight comedown taking place at the time of writing, taking spot price back below $29,500.

With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally’s true staying power.

For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.

“This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below,” he wrote in part of an X post on the day.

“Some might consider that a confirmation of a bull breakout, but this market is known for squeezes and fake outs so I’m looking for more confirmations. For me BTC will also need to take out prior resistance at $30.5k, $31.5k and ultimately $33k to call a bull breakout confirmed and validated.”

BTC/USD 1-week chart with 100MA. Source: TradingView

Eyeing required support zones, popular trader Pentoshi flagged $28,900 as the line in the sand for bulls to hold.

Tracking low-timeframe (LTF) market conditions, meanwhile, fellow trader Skew suggested that a sweep of late longs could result in an entry opportunity prior to upside resuming.

“I suspect longs are starting to fomo in here around $30K,” 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 nice entry before higher wouldn’t be surprised to see something like this play out.”

BTC/USD order book data. Source: Skew/X

Forecast expects “mass adoption,” Bitcoin ETF approval

In an optimistic longer-timeframe view, trading team Stockmoney Lizards predicted that resistance immediately above $30,000 would soon crack.

Related: Hodling hard: Bitcoin’s long-term investors own over 76% of all BTC for the first time

Updating a chart fractal comparing BTC/USD in 2023 to its 2020 breakout, analysts argued that the time for significant upside was now. An approval of the United States’ first Bitcoin spot price exchange-traded fund (ETF) would form the clinch factor.

“31/32k will break soon,” part of accompanying commentary read.

“P.S.: Many of you will once more say: ‘But 2020 was after halving, here we are before’ — answer: doesn’t matter. This year mass adoption / ETF approval will be THE driver.”

Stockmoney Lizards referenced the upcoming block subsidy halving scheduled for April 2024.

BTC/USD comparative chart. Source: Stockmoney Lizards/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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