The price of Bitcoin tapped highs above $30,000 this week before settling around $29,500 at the time of writing. Traders are closely watching the weekly candle close to determine the staying power of the recent rally.
Keypoints
- Bitcoin price tapped $30,000 on October 20 before pulling back below $29,500.
- Traders are focused on the weekly candle close to determine if the rally has true staying power.
- The 100-week moving average around $28,600 is seen as important support to hold the bullish move.
- If $28,900 level holds into the weekly close, it would reinforce the rally per analysts.
- Some traders expect a sweep of leveraged long traders before upside can resume after this consolidation.
- A trading team foresees resistance near $30-32k breaking soon, predicting an ETF trigger will drive mass adoption.
- Their bull case targets $50,000+ if BlackRock launches a spot Bitcoin ETF product.
- An ETF could bring in $50 billion…
