Bitcoin Price Reaches $30,000 as Weekly Close Approaches

Bitcoin's Weekly Close Showdown

Bitcoin (BTC) reached a new two-month high of $30,233 on Bitstamp, just as the Wall Street market opened on October 20. However, the spot price dipped slightly below $29,500 at the time of writing. As volatility remains in the market, analysts believe that a weekly candle close is necessary to confirm the rally's strength.

Key Levels to Watch

Keith Alan, co-founder of monitoring resource Material Indicators, emphasized the importance of the 100-week moving average (MA) at $28,627. He stated that a Weekly candle close above this level, along with breaking prior resistance at $30.5k, $31.5k, and $33k, would confirm a bull breakout. Popular trader Pentoshi identified $28,900 as a crucial support level for bulls to maintain.

Opportunity for Entry

Traders are closely monitoring the low-timeframe market conditions. Skew, a fellow trader, suggested that a sweep of late longs could present an entry opportunity before Bitcoin's upward movement resumes. He noted that longs may be "fomo-ing" around $30,000, indicating a potential trend break and subsequent entry opportunity.

Optimistic Outlook for Bitcoin

Trading team Stockmoney Lizards presented an optimistic longer-timeframe view, predicting that resistance above $30,000 will soon be broken. They compared Bitcoin's current price action to its breakout in 2020 and stated that mass adoption and ETF approval will be the driving factors for significant upside. They also mentioned the upcoming block subsidy halving in April 2024 as a relevant event to consider.

This article does not provide investment advice. Readers should conduct their own research before making any investment or trading decisions.