Bitcoin on October 21 – BTC continues to impress in 2023 (+ 80%)
Regarding spot Bitcoin ETFs, operators are still awaiting SEC approval. Analysts at JP Morgan predicted that ETF clearance would come about inevitably. At the outset of 2024, the match might be won.
The price of Bitcoin is unable to burst through the $30,000 barrier, despite several bull attempts in recent months. At this point, Bitcoin was rejected just yesterday. With an over 80% increase in 2023, Bitcoin is having a great year. This report is for today!
We are providing you with this analysis of the price of Bitcoin in collaboration with CryptoTrader, whose algorithmic trading solution is now available to the general public (commercial link).
The price of Bitcoin appears to be slowing down at the $30,000 resistance level, despite the cryptocurrency's resilience. Nevertheless, Bitcoin's price increases by 1.2% in a day and by over 10% in a week:
Bitcoin displays a 10% performance in a single month, but in three months, it only exhibits a 1% decline. The BTC/ETH combination, for its part, remains unchanged after a day. In a week, BTC beats Ethereum by 7%.
Bitcoin is the best performing asset in 2023; Ethereum ETFs can wait.
Undoubtedly, traders mistakenly thought that the SEC had approved a spot Bitcoin ETF. The majority of operators were pessimistic following the verification of the phoney news, and it appears that this works in favour of the cryptocurrency king. In fact, the market tends to start a short squeeze if several operators bet on the decline of Bitcoin on derivative goods.
October 21, 2023: Bitcoin rises 80% in 2023, surpassing gold, the S&P 500, and Ethereum.
Bitcoin performs better than other financial assets, according to data from the TradingView website. In actuality, Bitcoin is performing better than Ethereum, gold, and the S&P 500. The S&P 500 has been declining for a few weeks, yet the cryptocurrency king has no correlation at all with this dangerous asset. In spite of uncertain macroeconomic and geopolitical conditions, Bitcoin is attempting to breach the $30,000 barrier level once more.
Bitcoin was once more trapped at the $29,800 resistance level yesterday. The $30,000 threshold was once more reached, but the sellers were able to lower the price once more:
The goal for the purchasers is to reclaim the $29,800 support level and move back up to the $30,500 resistance level. If the sellers prevail, however, the price may drop down below $28,500, which is the support level. Bullish institutional bias (EMA 9/EMA 18) has the potential to provide dynamic support. The RSI is still displaying positive momentum. Purchaser control of the momentum is maintained as long as the bullish trendline is maintained.
BTC is still strong despite worries in geopolitics, macroeconomics, and the approval of a spot Bitcoin ETF. Although the price has dropped to about $30,000, customers will need to persevere if they want to avoid being turned down again at that point. Will sellers have to give in at this point until a spot Bitcoin ETF is approved?
ADVANCED TO THE LATEST NEWS ON BITCOIN
The price of Bitcoin is back near $30,000 and is still rising steadily. Operators appear to be adopting a new approach, opting once more to amass Bitcoin. Will the cryptocurrency king eventually overcome its barrier at roughly $30,000?
JP Morgan is (extremely) hopeful despite the recent bogus news about the approval of a spot Bitcoin ETF. American bank analysts predict that an ETF will launch in early 2024.
The bitcoin market is starting to take on new hues. When Bitcoin hits $30,000 in value, the value of altcoins soars. Solana is up 13% and XRP is up 8%.
Grayscale isn't given up on turning its GBTC into a spot Bitcoin exchange-traded fund. Grayscale has actually just submitted an S-3 filing. Bloomberg, an expert on ETFs, states that registering the fund as a 1933 Act product is necessary to accomplish this. an updated effort to adhere to SEC regulations.