{"id":13729,"date":"2023-10-21T06:20:52","date_gmt":"2023-10-21T06:20:52","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13729"},"modified":"2023-10-21T06:20:55","modified_gmt":"2023-10-21T06:20:55","slug":"btc-price-hits-2-month-high-amid-bet-bitcoin-will-break-32k-soon","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13729","title":{"rendered":"BTC price hits 2-month high amid bet Bitcoin will break $32K \u2018soon\u2019"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>BTC price sets up weekly close showdown<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView captured new two-month BTC price highs of $30,233 on Bitstamp.<\/p>\n<p>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.<\/p>\n<p>With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally\u2019s true staying power.<\/p>\n<p>For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.<\/p>\n<p>\u201cThis move is one to watch, but what I\u2019m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week\u2019s candle can stay above it with no wicks below,\u201d he wrote in part of an X post on the day. <\/p>\n<p>\u201cSome might consider that a confirmation of a bull breakout, but this market is known for squeezes and fake outs so I\u2019m 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.\u201d<em>BTC\/USD 1-week chart with 100MA. Source: TradingView<\/em><\/p>\n<p>Eyeing required support zones, popular trader Pentoshi flagged $28,900 as the line in the sand for bulls to hold.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC update <\/p>\n<p>Would like to see shallow dips and now price maintain above 28.9-29.2k area https:\/\/t.co\/12UUsbRRSq pic.twitter.com\/Mq01tU4B7T<\/p>\n<p>\u2014 Pentoshi  euroPeng  (@Pentosh1) October 20, 2023<\/p>\n<p>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.<\/p>\n<p>\u201cI suspect longs are starting to fomo in here around $30K,\u201d he told X subscribers alongside a chart of exchange order book data as $30,000 reappeared.<\/p>\n<p>\u201cSo if this LTF trend breaks a nice sweep could be a nice entry before higher wouldn&#8217;t be surprised to see something like this play out.\u201d<em>BTC\/USD order book data. Source: Skew\/X<\/em><\/p>\n<h2>Forecast expects \u201cmass adoption,\u201d Bitcoin ETF approval<\/h2>\n<p>In an optimistic longer-timeframe view, trading team Stockmoney Lizards predicted that resistance immediately above $30,000 would soon crack.<\/p>\n<p><strong><em>Related:\u00a0Hodling hard: Bitcoin\u2019s long-term investors own over 76% of all BTC for the first time<\/em><\/strong><\/p>\n<p>Updating a chart fractal comparing BTC\/USD in 2023 to its 2020 breakout, analysts argued that the time for significant upside is now. An approval of the United States\u2019 first Bitcoin spot price exchange-traded fund (ETF) would form the clinching factor.<\/p>\n<p>\u201c31\/32k will break soon,\u201d part of accompanying commentary read.<\/p>\n<p>\u201cP.S.: Many of you will once more say: \u2018But 2020 was after halving, here we are before\u2019 \u2014 answer: doesn&#8217;t matter. This year mass adoption \/ ETF approval will be THE driver.\u201d<\/p>\n<p>Stockmoney Lizards referenced the upcoming block subsidy halving scheduled for April 2024.<\/p>\n<p><em>BTC\/USD comparative chart. Source: Stockmoney Lizards\/X<\/em><\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-2-month-high-bitcoin-break-32k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13729"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13729\/revisions"}],"predecessor-version":[{"id":13731,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13729\/revisions\/13731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13730"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}