Lokesh Gupta
25-10-2023
BTC exceeded expectations during its bullish run, triggered by the discovery of a BlackRock ETF ticker code on DTCC's website, propelling it to a 2023 high of $35,265. Yet, the removal of the ticker code caused a dip to $34,000, followed by a 18% rally as speculation about a spot ETF listing circulated among crypto traders. Presently, BTC faces challenges in maintaining momentum, but the ongoing positive hints and the increasing likelihood of a Bitcoin spot ETF approval remain pivotal factors.
According to Coingabbar Price Analysis, Following the breakout from the symmetric triangle pattern and surpassing the significant $30,000 resistance level, Bitcoin experienced a notable upswing of nearly 25%, breaking through the psychological barrier at $35,000. Following this strong ascent, BTC has now entered a period of consolidation, evident on the hourly chart as it trades within the confines of a Bullish Pennant Pattern. The break will decide whether we see profit-taking or another significant upswing in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $34,500-$35,000
SUPPORT LEVEL : $33,700-$33,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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