Bitcoin (BTC<\/a>) tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> captured new two-month BTC price highs of $30,233 on Bitstamp.<\/p>\n The pair showed continued strength<\/a> during the Asia trading session, with a slight comedown taking place at the time of writing, taking spot price back below $29,500.<\/p>\n 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 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 \u201cThis 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,\u201d he wrote<\/a> in part of an X post on the day. <\/p>\n \u201cSome 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.\u201d<\/p><\/blockquote>\n Eyeing required support zones, popular trader Pentoshi flagged $28,900 as the line in the sand for bulls to hold.<\/p>\n $BTC<\/a> update <\/p>\n Would like to see shallow dips and now price maintain above 28.9-29.2k area https:\/\/t.co\/12UUsbRRSq<\/a> pic.twitter.com\/Mq01tU4B7T<\/a><\/p>\n \u2014 Pentoshi euroPeng (@Pentosh1) October 20, 2023<\/a><\/p><\/blockquote>\n 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 \u201cI suspect longs are starting to fomo in here around $30K,\u201d he told<\/a> X subscribers alongside a chart of exchange order book data as $30,000 reappeared.<\/p>\n \u201cSo 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.\u201d<\/p><\/blockquote>\n In an optimistic longer-timeframe view, trading team Stockmoney Lizards predicted that resistance immediately above $30,000 would soon crack.<\/p>\n Related:\u00a0Hodling hard: Bitcoin\u2019s long-term investors own over 76% of all BTC for the first time<\/a><\/em><\/strong><\/p>\n Updating a chart fractal comparing BTC\/USD in 2023 to its 2020 breakout, analysts argued that the time for significant upside was now. An approval of the United States\u2019 first Bitcoin spot price exchange-traded fund (ETF) would form the clinch factor.<\/p>\n \u201c31\/32k will break soon,\u201d part of accompanying commentary read<\/a>.<\/p>\n \u201cP.S.: Many of you will once more say: \u2018But 2020 was after halving, here we are before\u2019 \u2014 answer: doesn’t matter. This year mass adoption \/ ETF approval will be THE driver.\u201d<\/p><\/blockquote>\nBTC price sets up weekly close showdown<\/h2>\n
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Forecast expects “mass adoption,” Bitcoin ETF approval<\/h2>\n
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