Bitcoin Price Holds Above $29,500 After Tapping $30,000
The price of Bitcoin reached a high above $30,000 before settling around $29,500 at the time of writing. Traders are closely monitoring the weekly candle close to determine whether the recent rally has staying power.
Analysts Look for Confirmation of Bullish Move
Analysts believe that if the 100-week moving average holds above $28,600 by the end of the week, it would confirm the bullish move. Additionally, they are keeping an eye on the $28,900 level as crucial support for Bitcoin.
Potential ETF Approval Sparks Optimism
Optimism is growing around the potential approval of a spot Bitcoin exchange-traded fund (ETF), which could serve as a catalyst for significant upward movement. Matrixport predicts that if BlackRock launches a spot BTC ETF product, Bitcoin could surge past $50,000.
Sweep of Overleveraged Longs Expected
Some traders anticipate a pullback triggered by a sweep of overleveraged long positions before Bitcoin can break through significant resistance levels between $30,000 and $32,000. Despite this expectation, market sentiment has improved in recent weeks.
Tesla Pauses Bitcoin Transactions
In its latest quarterly financial report, Tesla revealed that it has paused Bitcoin transactions for five consecutive quarters. This indicates that crypto is not currently a strategic focus for the automaker as it prioritizes cost cuts and volume growth amid global economic challenges.
Weekly Close Crucial for Rally Analysis
As Bitcoin consolidates after surpassing $30,000, the weekly close will be pivotal in assessing the durability and upside potential of the rally, depending on whether key levels are maintained.
Hot Take: Bitcoin’s Rally Hinges on ETF Approval
The recent rally in Bitcoin has brought excitement to the market, with prices reaching above $30,000. Traders are eagerly awaiting the weekly candle close to determine the strength of this upward movement. Analysts believe that if the 100-week moving average holds and the $28,900 level acts as support, it will validate the bullish trend. Furthermore, optimism is building around the potential approval of a spot Bitcoin ETF, which could trigger significant gains and push Bitcoin past $50,000. However, some traders expect a pullback before breaking through resistance levels. The upcoming weekly close will provide insights into the future trajectory of Bitcoin.
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