The post Can Bitcoin (BTC) Surpass $70,000 In The Next 6 Months? Analyst Provides Answers appeared on BitcoinEthereumNews.com.

The recent surge in Bitcoin’s price over the weekend caught many market observers by surprise. The alpha coin marked a 1.5% gain in the last 24 hours, bringing Bitcoin’s value above the psychologically important $30,000 threshold, which also serves as a key resistance level. At the time of writing, Bitcoin was trading at $30,154, up 12% in the last seven days, data from crypto market tracker Coingecko shows. On October 16th, the cryptocurrency briefly spiked to around $30,000 on Binance due to false reports of an approved spot Bitcoin ETF. However, as soon as the truth about these reports came to light, the market swiftly corrected. Just two days later, Bitcoin once again rallied to $30,000, but it struggled to maintain this crucial level, facing resistance and fluctuations. These multiple attempts indicate the significance of the $30,000 price point as a key battleground for Bitcoin’s near-term price movements. Influential Factors Behind Bitcoin’s Recent Surge The recent surge in Bitcoin’s price doesn’t have a clear cause, but it’s likely driven by market optimism surrounding the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission. This optimism is based on the belief that a Bitcoin ETF approval would offer more accessible and regulated exposure to the cryptocurrency, attracting institutional and retail investors and further legitimizing the asset within traditional finance. The anticipation of this regulatory milestone is a key factor influencing Bitcoin’s price at present. Jebb, a prominent crypto analyst, has examined the 200-weekly simple moving average in Bitcoin trading. Jebb stressed the importance of this moving average as a prediction of Bitcoin’s future bull markets, based on its previous record. BTCUSD nearing the $30K territory. Chart: TradingView.com This moving average, he noted, has consistently proven to be a vital and insightful indicator, offering valuable insights into the…

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Filed under: News - @ October 22, 2023 8:18 am