Bitcoin's Rally Scenario: Key Levels to Watch for Weekly Close - COINTURK NEWS
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Bitcoin’s Rally Scenario: Key Levels to Watch for Weekly Close

9:03 pm (43 days ago)
October 20, 2023

With the developments in the cryptocurrency market, all eyes are on the weekly closing level of Bitcoin. Bitcoin reached the $30,000 level after the Wall Street opening on October 20, but it has not been able to hold onto this level for now. In this article, we will examine the comments of analysts who have made waves on social media about Bitcoin, which is currently trading at $29,539.

Recent Developments in Bitcoin Price

According to data from TradingView, the price of Bitcoin reached $30,233, the highest level in the past two months. However, this rise in the BTC/USD pair started to weaken along with the developments in the Asian market, and the price of Bitcoin retreated to $29,500.

The continued volatility increases the possibility of a possible rally for market participants. To further increase this possibility, the weekly candle closing will be effective. Keith Alan, co-founder of the data monitoring platform Material Indicators, highlighted the 100-week moving average (MA) currently at the $28,627 level in a post he shared on X:

“Some may think this is a confirmation of a bull break, but this market is known for consolidations and fakeouts. So, I’m looking for more confirmation. In my opinion, for the bull break of BTC to be confirmed and verified, it will need to surpass the previous resistances of $30,500, $31,500, and ultimately $33,000.”

BTC Analysis from Analysts

Popular investor and analyst Pentoshi examined the necessary support levels in a post he shared on X and pointed out $28,900 as a point to be careful about to his followers.

In addition to all these developments, another popular analyst, Skew, who follows market conditions through the short time frame (LTF), stated that late long position entries could result in an entry opportunity before an upward movement. He shared a chart consisting of exchange order book data with his followers on X when $30,000 resurfaced and made the following comment:

“I suspect that long-term purchases are starting to FOMO around $30,000. So, if this LTF trend is broken, it can be a nice scan and entry before going to a higher level.”

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