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Friday, September 29, 2023

BTC Price Analysis: Will Bitcoin Cross $30K This October?

BTC Price Analysis: Will Bitcoin Cross $30K This October?

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

Bitcoin experiences a sharp bullish reversal, breaking the resistance trendline.
The BTC price is struggling to move past the 200-day EMA.
A breakout above the 200-day EMA could propel Bitcoin to $30K.
Overnight, Bitcoin saw a 2.52% jump in the Asian markets.
Positive sentiment in the market due to US lawmakers pushing for Bitcoin ETF approval.
Bitcoin's current price is at $26,975 with a minor intraday fall of 0.19%.
The price action shows a potential inverted head and shoulder pattern.
The neckline of the pattern is around the 27K barrier.
High chances of Bitcoin spot ETF being approved by the SEC in October.
Technical indicators like RSI and MACD are bullish.
If the ETF is approved, Bitcoin could skyrocket to $35K.
A breakdown below $26,274 could lead to a drop to $25,600 or even $24,900.


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