Bitcoin

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 Bitcoin consolidates below $30,000, with the BTC price weekly close of interest to market analysts.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/20/cad77ef6f0e7b580d1b6e44b9845e682.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-hour chart. Source: TradingView</em>
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 <h2 id="btc-price-sets-up-weekly-close-showdown">BTC price sets up weekly close showdown</h2>
 <p>Data from Cointelegraph Markets Pro and TradingView captured new two<a rel="noopener noreferrer nofollow" title="-month" href="https://thebittimes.com/tag/month.html">-month</a> BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> highs of $30,233 on Bitstamp.</p>
 <p>The pair showed continued strength during the Asia trading session, with a slight comedown taking place at the time of writing, taking spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> back below $29,500.</p>
 <p>With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally’s true staying power.</p>
 <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>
 <p>“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.</p>
 <blockquote>
  “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.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/20/6a9046004a01c7f774bead9128ec2224.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-week chart with 100MA. Source: TradingView</em>
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 <p>Eyeing required support zones, popular trader Pentoshi flagged $28,900 as the line in the sand for bulls to hold.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">$BTC update <br><br>Would like to see shallow dips and now <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> maintain above 28.9-29.2k area https://t.co/12UUsbRRSq pic.twitter.com/Mq01tU4B7T</p>— Pentoshi euroPeng (@Pentosh1) October 20, 2023
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 <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>
 <p>“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.</p>
 <blockquote>
  “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.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/20/560870bff6e25cb8f82e61539d3c1467.webp">
  <figcaption style="text-align: center;"><em>BTC/USD order book data. Source: Skew/X</em>
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 <h2 id="forecast-expects-mass-adoption-bitcoin-etf-approval">Forecast expects "mass adoption," Bitcoin ETF approval</h2>
 <p>In an optimistic longer-timeframe view, trading team Stockmoney Lizards predicted that resistance immediately above $30,000 would soon crack.</p>
 <p><strong><em>Related:&nbsp;Hodling hard: Bitcoin’s long-term investors own over 76% of all BTC for the first time</em></strong></p>
 <p>Updating a chart fractal comparing BTC/USD in 2023 to its 2020 <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a>out, analysts argued that the time for significant upside was now. An approval of the United States’ first Bitcoin spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> exchange-traded fund (ETF) would form the clinch factor.</p>
 <p>“31/32k will break soon,” part of accompanying commentary read.</p>
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  “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.”
 </blockquote>
 <p>Stockmoney Lizards referenced the upcoming block subsidy halving scheduled for April 2024.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/20/2eba59a455d9c2868fcadb69239bc1b9.webp">
  <figcaption style="text-align: center;"><em>BTC/USD comparative chart. Source: Stockmoney Lizards/X</em>
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 <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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-hits-2-month-high-amid-bet-bitcoin-will-break-32k-soon-tbt67154.html">https://thebittimes.com/btc-price-hits-2-month-high-amid-bet-bitcoin-will-break-32k-soon-tbt67154.html</a></p>

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

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