Bitcoin (BTC) ended its excellent week on a strong positive note yesterday. Thanks to the optimism surrounding a possible approval of a spot Exchange Traded Fund (ETF), it was one of the better weeks of the year for bitcoin. We take a look at the current state of affairs regarding the bitcoin price and share all the important price levels that you should pay attention to. On a macroeconomic level, this week will also be very important. We look ahead to what awaits us.
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Bitcoin price sees bullish weekly close
Bitcoin of course rose very fast last week during the first few days of the week. Moreover, we did not experience a major correction later in the week as the price did not fall further than $33,300. All in all, market momentum has gotten a big boost from the current ETF hype.
The race showed few strange things last weekend. Yesterday the green week ended at a price of 34,524. This has more than surpassed the previous high, which was just under $32,000. This year’s upward trend has continued.
The bitcoin price of the past week. – Source: CoinMarketCap
The weekly Relative Strength Index (RSI), a technical indicator used to measure the strength and direction of price movements, has also set a higher high.
Confirmed for #Bitcoin
Extremely Bullish Weekly close
— Matthew Hyland (@MatthewHyland_) October 30, 2023
If the uptrend continues, the level around $37,500 could provide the next major resistance for bitcoin. However, to reach this level, the resistance level of $ 34,700 will have to be overcome first. Bitcoin made several attempts last night, but so far without success. Above, all eyes will be on the important $40,000 level.
On the way down, the area between $32,600 and $33,100 should prevent further decline. If the price falls through this, it is crucial to stay above the support zone of just below $ 32,000.
At the time of writing, the BTC price on crypto exchange Bybit is $34,210. On the Dutch crypto exchange Bitvavo, the BTC price in euros is equal to 32,416.
Altcoin market: solana and polkadot stand out
Looking at the largest 15 cryptocurrencies of the moment, there is little that stands out. No true outliers are observable. Polkadot (DOT), polygon (MATIC) and solana (SOL) have risen the fastest, by 1.89, 1.23 and 1.22 percent respectively. TRON (TRX) is the only one in the red with a decline of 0.61 percent.
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Bitcoin this week: important days ahead
Finally, we look at the economic agenda and highlight this week’s most important US data points.
The Federal Reserve’s interest rate decision, which will be taken on Wednesday, is undoubtedly of the utmost importance. As many as 96.2 percent expect interest rates to remain at the current level of 5.25 – 5.50 percent. The interest rate decision will be released at 7 p.m., followed by a press conference by Fed Chairman Jerome Powell.
Other key data points to be shared on Wednesday include the ISM Manufacturing Purchasing Managers Index (PMI), JOLTs Jobs and Crude Oil Stocks.
The First Applications for Unemployment Compensation are on the agenda for Thursday. On the last day of the week we are also presented with a large load of important data, namely the Average Income per Hour, the Non-farm Payrolls, the Unemployment Rate, the Services Purchasing Managers Index and the ISM non-manufacturing Industry Index.
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2023-10-30 07:00:24
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