Where is BTC Going Next as Bulls Push Bitcoin Further Toward $30,000 Resistance?

Where is BTC Going Next as Bulls Push Bitcoin Further Toward $30,000 Resistance?Bulls are fervently driving Bitcoin closer to the significant $30,000 resistance level as it maintains its impressive trajectory.Bitcoin's current price of $29,...

Oct 22, 2023 - 07:00
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Where is BTC Going Next as Bulls Push Bitcoin Further Toward $30,000 Resistance?

Where is BTC Going Next as Bulls Push Bitcoin Further Toward $30,000 Resistance?

Bulls are fervently driving Bitcoin closer to the significant $30,000 resistance level as it maintains its impressive trajectory.

Bitcoin's current price of $29,615 is commendable and represents an increase of almost 1% just on Saturday.

Critics warn about potential weaknesses as enthusiasm grows, drawing comparisons to earlier manipulations of precious metals, especially in light of the sky-high expectations for Bitcoin ETFs.

Complicating the situation, recent occurrences like Binance's decision to stop offering its Visa Debit Card stand in stark contrast to Bitcoin's tenacious ascent.

Additionally, the Federal Reserve's upcoming proposal on rate hikes may increase interest in the world of cryptocurrencies, further boosting Bitcoin's momentum.

Increased Interest in Crypto after Fed Rate Hike.

Jerome Powell, the head of the Federal Reserve, recently made some remarks that have investors talking about the potential effects of stopping the ongoing interest rate hikes on both traditional markets and the cryptocurrency market.

Given the potential for lower returns on conventional financial instruments, Bitcoin may become a more alluring store of value for mainstream investors.

Additionally, institutional investors may be enticed to add cryptocurrencies as noncorrelated assets to their portfolios due to the stability of traditional markets.

This change could be a part of a larger diversification strategy, given the Decentralized Finance (DeFi) sector's reputation for yield farming and staking opportunities.

If the interest rate doesn't change, the yield difference between conventional products and DeFi platforms might get bigger.

Cryptocurrencies linked to long-term Treasury rates are gaining popularity for portfolio diversification, highlighting their growing significance in financial markets as monetary policies fluctuate amid global economic unpredictability.

Investors looking for alternative assets may find Bitcoin (BTC) to be more and more alluring as changes to conventional financial instruments loom.

Metal Manipulation Echoes and Bitcoin ETFs Raised Concerns by Critics.

The growing interest in a Bitcoin exchange-traded fund (ETF) has some skeptics worried that manipulation of the cryptocurrency could occur, mirroring what happened in the markets for gold and silver.

A common worry is that a physically settled Bitcoin ETF might use futures to introduce fictitious BTC supplies, possibly balancing out sharp price increases.

By contrast, buying Bitcoin ETFs wouldn't decrease the actual supply of Bitcoin. This could give ETF managers the ability to monitor holdings that are greater than their tangible assets, possibly affecting prices.

ETFs are criticized as posing a risk to Bitcoin's intrinsic value and self-custody and as having the potential to undermine its long-term prospects.

They draw comparisons to exchange-traded funds (ETFs) in the precious metals industry, which have been accused of price fixing and manipulation.

Divergent viewpoints exist regarding the effects of a Bitcoin ETF. Despite the aforementioned issues, some people are still upbeat and think that Bitcoin's decentralized nature will win out.

The future impact of this news on the price of Bitcoin (BTC), which is currently rising, is still being discussed.

Bitcoin's steady ascent continues as Binance's Visa Card comes to a halt.

A significant cryptocurrency exchange recently announced that it would stop offering Visa debit card services in the European Economic Area (EEA) as of December 20, 2023.

1% of its users worldwide will be impacted by this choice. These Visa cards made it possible to convert cryptocurrency into fiat currency in 40 different European nations.

The program for Ukrainian Refugee Crypto Cards may also be impacted by this change.

Binance has guaranteed that there won't be any effects on European users' primary accounts. Additionally, they stated that although some businesses might accept it less now than they did before, transactions can still be made using the Binance Pay app.

The suspension of euro transactions and ongoing regulatory restrictions are just two of the difficulties that Binance has had to deal with, which led to this choice.

Despite these challenges, recent innovations sought to allay users' worries in the United States. This includes investing in Tether and enabling dollar withdrawals by converting stablecoins.

However, Binance is now subject to more regulatory oversight and has lost partnerships in some areas. But even now, Bitcoin's (BTC) value is rising significantly.

Prediction of the price of bitcoin.

The technical analysis of bitcoin shows a pivot at $29,188 and immediate resistance at $30,282. Additional resistance is located at $31,078 and $31,820.

At $28,195, immediate support is the highest level, followed by $27,287 and $26,554. An overbought condition is indicated by the RSI, a momentum indicator, which is currently at 74; anything above 50 denotes bullish sentiment.

Another important technical indicator, the 50-day EMA, is at $29,188, supporting bullish tendencies. This bullish outlook is further supported by the "Three White Soldiers" chart pattern.

Although Bitcoin's direction seems to be primarily bullish, the high RSI urges caution. Small reversals could come before a significant upward movement. Given the unpredictability of cryptocurrencies, investors should exercise caution and flexibility.


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