The Bitcoin Price Reaches $30,000 and Falls
The price of Bitcoin (BTC) briefly reached a high of $30,000 on October 16, but it failed to sustain the increase. The price created a long upper wick on the same day and dropped back down to the $28,000 resistance area.
Fake ETF Approval News Triggers Price Surge
It is likely that BTC’s price surged to $30,000 following reports of iShares BlackRock ETF approval. However, it quickly dropped back to $28,000 as BlackRock clarified that the approval was still pending SEC investigation. This reversal led to over $100 million in liquidations.
Bitcoin News Highlights
Aside from the fake ETF approval news, there have been some other interesting developments in the world of Bitcoin. The U.S. government has seized 200,000 BTC worth $5.4 billion from cybercriminals but has not shown any urgency to sell them. Whale addresses holding between 100 and 1000 BTC have also increased by 16%, and the launch of a Bitcoin ETF is edging closer.
Bitcoin Dominance Rate Hits 900-Day High
The Bitcoin Dominance Rate (BTCD) has increased alongside the BTC price. After breaking out from the 48% resistance area in June, BTCD reached a new yearly high of 52.45%. This is the highest price in over 900 days.
BTC Price Prediction: What Does the RSI Say?
The daily Relative Strength Index (RSI) is an important indicator for determining market trends. Bulls have an advantage if the RSI reading is above 50 and the trend is upward. The RSI reaction to the bullish divergence trendline will be crucial in determining the future movement of the BTC price.
Hot Take: Bitcoin’s Price Volatility Continues
The price of Bitcoin experienced a brief surge to $30,000 but quickly fell back to $28,000. The fake ETF approval news triggered this volatility, leading to over $100 million in liquidations. Despite this, there have been other positive developments in the Bitcoin ecosystem, such as the seizure of 200,000 BTC by the U.S. government and the increasing interest in a Bitcoin ETF. The Bitcoin Dominance Rate also reached a 900-day high, indicating its continued dominance in the cryptocurrency market. The future movement of the BTC price will depend on factors such as RSI readings and market trends.
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