Bitcoin (BTC) Costs, Charts, and Evaluation:

• Bitcoin has rallied 10% this week (low-to-high) on ETF hopes.
• The 200-day easy shifting common has turned from resistance to help.

The rising perception {that a} spot Bitcoin ETF is a matter of when not if, is pushing the most important cryptocurrency by market capitalization ever greater this week. On Monday a false rumor that the BlackRock ETF had been permissioned by the SEC despatched BTC spiraling greater earlier than the rumor was rapidly confirmed to be false. The market sell-off nevertheless was restricted and at the moment Bitcoin traded again at Monday’s excessive of round $30k as markets proceed to cost within the chance that a number of spot Bitcoin ETFs might be introduced quickly.

Whereas the elemental backdrop for Bitcoin could also be constructed on rising hope, the technical image has turned bullish this week. The long-dated shifting common (200-dsma) has been damaged convincingly and has now turned from resistance to help. The midweek value motion noticed this shifting common maintain agency and at the moment’s rally confirms that $28k ought to now be seen as help within the near-term at the least. A collection of upper lows and better highs underpins the bullish outlook. The subsequent stage of resistance is seen round $31k earlier than the 2023 excessive print at $31,796 comes into play.

Bitcoin (BTC/USD) Day by day Worth Chart – October 20, 2023

Bitcoin has rallied in extra of 80% this yr and stays the dominant cryptocurrency coin by a large margin. Bitcoin makes up just below 51.5% of the full market capitalization, at the moment USD1.14 trillion, with Ethereum second at 17.3%. Bitcoin has additionally outperformed Ethereum by a margin as properly and with horizontal help nonetheless somewhat bit away, BTC could properly proceed to outperform the market within the brief time period.

Ethereum/Bitcoin Weekly Worth Chart – October 20, 2023

Charts by TradingView

What’s your view on Bitcoin – bullish or bearish?? You may tell us through the shape on the finish of this piece or you possibly can contact the writer through Twitter @nickcawley1.