Oct 20, 2023

Crypto Block: Bitcoin Reaches 2-Month High, Predicted to Break $32K Soon

Bitcoin Price Hits 2-Month High Amid Bet on Upcoming Crypto Break of $32K
BTC price hits 2-month high amid bet Bitcoin will break $32K ‘soon’

The block crypto saw Bitcoin (BTC) reach $30,000 on the Oct. 20 Wall Street open, as analysts focused on the weekly close.

Now Crypto enthusiasts were also paying attention to the upcoming crypto and sand crypto markets, as well as the AI writing articles and Tesla AI Day. Over 000 pieces appeared on the Crypto Press Cryptocurrencies Network, making it a record-breaking day for the crypto block.

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, as the block crypto continued to show strength during the Asia trading session. A slight comedown took 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. Keith Alan, co-founder of monitoring resource Material Indicators, pointed out the importance of the 100-week moving average (MA) at $28,627.

“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.

Eyeing the 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, Skew suggested that a sweep of late longs could result in an entry opportunity prior to the upcoming crypto rally 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 pieces appeared first on crypto press cryptocurrencies network.

Forecast expects “mass adoption,” Bitcoin ETF approval

Stockmoney Lizards, a trading team, anticipate that resistance levels above $30,000 will soon be breached.

Analysts compared BTC/USD in 2023 to its 2020 breakout and suggested that this is the ideal time to invest. They believe that the approval of the United States’ first Bitcoin spot price exchange-traded fund (ETF) will be the deciding factor.

“31/32k will break soon,” according to their comments.

The block subsidy halving scheduled for April 2024 was also mentioned by Stockmoney Lizards.

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