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BTC price hits 2-month high amid bet Bitcoin will break $32K ‘soon’
Bitcoin consolidates below $30,000, with the BTC price weekly close of interest to market analysts.
Bitcoin tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.
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 the 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.
Read More: https://cointelegraph.com/news/btc-price-2-month-high-bitcoin-break-32k
Bitcoin consolidates below $30,000, with the BTC price weekly close of interest to market analysts.
Bitcoin tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.
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 the 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.
Read More: https://cointelegraph.com/news/btc-price-2-month-high-bitcoin-break-32k
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