Bitcoin

Bull Market

/send

Daily

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126486/333960/17-1.jpg" alt="" srcset="https://cimg.co/news/126486/333960/responsive-images/17-1___media_library_original_1280_720.jpg 1280w, https://cimg.co/news/126486/333960/responsive-images/17-1___media_library_original_1200_675.jpg 1200w, https://cimg.co/news/126486/333960/responsive-images/17-1___media_library_original_900_506.jpg 900w, https://cimg.co/news/126486/333960/responsive-images/17-1___media_library_original_720_405.jpg 720w, https://cimg.co/news/126486/333960/responsive-images/17-1___media_library_original_600_338.jpg 600w, https://cimg.co/news/126486/333960/responsive-images/17-1___media_library_original_300_169.jpg 300w" sizes="100vw" width="1280" class="content-img"></figure>Amidst the swirling speculations and ever-evolving crypto landscape, recent rumors of a potential <a href="https://cryptonews.com/news/bitcoin-price-prediction-as-analyst-says-us-recession-can-avoided-can-btc-reach-100000.htm">Bitcoin ETF approval</a> have ignited a fervor in the trading community.&nbsp;With Bitcoin's daily trading volume soaring past the $20 billion mark, many market analysts and enthusiasts are left wondering if this surge heralds the inception of a new bull market.&nbsp;<h2 id="strong-etf-rumors-send-daily-trading-volume-flyrocket-strong">ETF Rumors Send Daily Trading Volume Flyrocket&nbsp;</h2>An intriguing event that briefly electrified the crypto community was the propagation of a false <a href="https://www.reuters.com/technology/bitcoin-jumps-much-10-track-best-day-since-august-2023-10-16/">rumour about a potential Bitcoin ETF</a> approval in the US.&nbsp;Originating from the "X account" of crypto media giant Cointelegraph, this rumor sparked a sharp $2,000 ascent in Bitcoin's price.&nbsp;This sudden spike also caused massive volatility across the board, leading to liquidations exceeding $100 million within an hour.&nbsp;<figure class="image"><img src="https://cimg.co/news/126486/334057/image-2023-10-16t14-06-26.jpg" srcset="https://cimg.co/news/126486/334057/responsive-images/image-2023-10-16t14-06-26___media_library_original_606_218.jpg 606w, https://cimg.co/news/126486/334057/responsive-images/image-2023-10-16t14-06-26___media_library_original_600_216.jpg 600w, https://cimg.co/news/126486/334057/responsive-images/image-2023-10-16t14-06-26___media_library_original_300_108.jpg 300w" width="606" class="content-img" alt=""></figure>However, BlackRock later confirmed that the SEC had not sanctioned its Bitcoin ETF application. The initial rumor-spreading tweet was promptly rectified and deleted.&nbsp;Recent delays by the SEC on <a href="https://cryptonews.com/news/nasdaq-submits-revised-application-for-blackrocks-bitcoin-etf-sec.htm">BlackRock's ETF application</a> have now pushed the final decision into January of the following year.&nbsp;Notably, analysts from Bloomberg, James Seyffart and Eric Balchunas, estimated a 75% probability of a spot Bitcoin ETF approval by the end of 2023.However, they quickly clarified that the rumour on that particular Monday morning lacked tangible evidence.<h2 id="strong-bitcoin-price-strong">Bitcoin Price</h2>As of October 17th, Bitcoin (BTC/USD) presents an optimistic trajectory, priced at $28,557. Within a 24-hour timeframe, this premier digital currency has witnessed its trading volume rocket to a staggering $15 billion, resulting in a price increment of 0.75%.&nbsp;Sitting proudly at the top rank on CoinMarketCap, Bitcoin's market capitalization is an awe-inspiring $557.36 billion.The current circulation in the market stands at 19.5 million BTC coins, nearing its ultimate cap of 21 million.<h2 id="strong-bitcoin-price-prediction-strong">Bitcoin Price Prediction</h2>At the heart of the chart lies the pivot point valued at $28,077, serving as a fundamental price marker.&nbsp;Looming ahead is an immediate resistance level at $28,549, closely followed by subsequent resistances at $29,219 and $29,886.&nbsp;On the flip side, <a href="https://cryptonews.com/news/bitcoin-news/">Bitcoin</a> finds its immediate support at $27,667, with further cushions at $27,208 and $25,985.Shifting the focus to technical indicators:The RSI, or Relative Strength Index, currently marks a value of 74. This metric indicates that Bitcoin is potentially treading in overbought territories.&nbsp;While an RSI above 50 usually signals a bullish momentum, the current elevated value calls for traders' caution, considering its proximity to the overbought boundary.&nbsp;<figure class="image"><img src="https://cimg.co/news/126486/333959/image-24.jpg" alt="" srcset="https://cimg.co/news/126486/333959/responsive-images/image-24___media_library_original_1740_951.jpg 1740w, https://cimg.co/news/126486/333959/responsive-images/image-24___media_library_original_1200_656.jpg 1200w, https://cimg.co/news/126486/333959/responsive-images/image-24___media_library_original_900_492.jpg 900w, https://cimg.co/news/126486/333959/responsive-images/image-24___media_library_original_720_394.jpg 720w, https://cimg.co/news/126486/333959/responsive-images/image-24___media_library_original_600_328.jpg 600w, https://cimg.co/news/126486/333959/responsive-images/image-24___media_library_original_300_164.jpg 300w" sizes="100vw" width="1740" class="content-img"><figcaption>Bitcoin Price Chart - Source: Tradingview</figcaption></figure>Concurrently, the 50-day Exponential Moving Average (50 EMA) is pinned at $28,077, reinforcing the pivot point's importance. The price trajectory of Bitcoin comfortably surpasses the 50 EMA, signifying a prevailing short-term bullish stance.Additionally, the chart patterns bring forth some intriguing revelations. The 4-hourly trendline for Bitcoin suggests a resistance barrier close to the $28,600 mark.&nbsp;The emergence of neutral candle patterns underscores a sense of indecision within the investor community.&nbsp;It's conceivable that many are biding their time, possibly in anticipation of more definitive fundamental signals before committing to their next move.<h2 id="strong-top-15-cryptocurrencies-to-watch-in-2023-strong">Top 15 Cryptocurrencies to Watch in 2023</h2>Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023.&nbsp;Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.&nbsp;Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.<div class="raw-html-embed"><div style="background: #920047;margin-bottom: 20px;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#930046,#59008a);color: white;padding-left: 1em;padding-right: 1em; font-size: 16px;"><a style="text-decoration:none;color:white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex">See the 15 Cryptocurrencies</a></div></div><h2 id="strong-find-the-best-price-to-buy-sell-cryptocurrency-strong">Find The Best Price to Buy/Sell Cryptocurrency</h2><figure class="image"><img src="https://cimg.co/news/126486/333958/screenshot-2.jpg" alt="" srcset="https://cimg.co/news/126486/333958/responsive-images/screenshot-2___media_library_original_1285_483.jpg 1285w, https://cimg.co/news/126486/333958/responsive-images/screenshot-2___media_library_original_1200_451.jpg 1200w, https://cimg.co/news/126486/333958/responsive-images/screenshot-2___media_library_original_900_338.jpg 900w, https://cimg.co/news/126486/333958/responsive-images/screenshot-2___media_library_original_720_271.jpg 720w, https://cimg.co/news/126486/333958/responsive-images/screenshot-2___media_library_original_600_226.jpg 600w, https://cimg.co/news/126486/333958/responsive-images/screenshot-2___media_library_original_300_113.jpg 300w" sizes="100vw" width="1285" class="content-img"><figcaption>Cryptocurrency Price Tracker - Source: Cryptonews.com</figcaption></figure>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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Bitcoin Price Prediction as ETF Rumors Send Daily Trading Volume Above $20 Billion – New Bull Market Starting?

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