After prolonged sideways price action which chopped the traders on both sides for months, Bitcoin price has finally broken above $32,000. This level has acted as a huge resistance multiple times since the start of 2023. Therefore, a breakout above it is being celebrated by the whole community of crypto holders.
BTC price started the week just below the $30,000 barrier. However, the price had a strong surge on the first trading day of the week and hit $34,741 before closing the day at $33,069. The positive price action continued today as the biggest cryptocurrency soared to its fresh yearly high of $35,280.
After some profit taking, Bitcoin is resting at $34,715 as the traders keep buying the short term dips. This positive price action has rippled to the altcoins which are catching the bids after a long slump. However, most altcoins are losing their value against Bitcoin as evidenced by their BTC pairs.
The major catalyst behind the ongoing surge in the Bitcoin price appears to be the news of BlackRock initiating its listing preparations for the sport BTC ETF. While BlackRock’s ETF application is still under review by the SEC, the preparations hinted that the asset manager already knows the outcome.
As evident from the chart above, the ongoing bullish price action of the BTC to USD pair can be attributed to multiple breakouts. In addition to a breakout above the range highs, you can also spot a breakout from the downward trendline.
These breakouts along with a reclaim of the 200-day moving average have flipped Bitcoin price prediction very bullish. A higher timeframe analysis reveals that there could be some resistance above the $35,000 level but the next major pivot lies at $48,200. As long as the price remains above $32,000, the outlook on the pioneering digital asset will remain bullish.
This post was last modified on Oct 24, 2023, 13:40 BST 13:40