- Bitcoin’s price rose from $27,132 to $28,494, sparking positive sentiment.
- VanEck launched its Ethereum Strategy ETF, EFUT, on the CBOE.
- Bitcoin’s trading volume increased by 46% in the last 24 hours.
The leading cryptocurrency in market cap has been experiencing substantial progress with an impressive bullish trend. It escalated from $27,132 to $28,494 during the weekend, then pulled back to $27,601. Even though September was bearish, the previous week witnessed a revival of a bullish outlook, leading to some fluctuations in price.
The BTC trading above the $28,000 threshold has sparked a positive trend in the crypto community, a price point traders eagerly await. A significant portion of this positive sentiment is due to the expected approval of ETFs by the U.S. Securities and Exchange Commission (SEC), although these approvals have been delayed for now.
On October 2nd, VanEck, an investment management company, initiated its Ethereum Strategy ETF, a promising indication of forthcoming ETF approvals. This ETF, listed as EFUT, is now tradable on the Chicago Board Options Exchange (CBOE).
Several companies are applying to launch their own Bitcoin ETFs, including traditional financial institutions like BlackRock and crypto-centric organizations like Bitwise. However, as stated earlier, the SEC has postponed making decisions on these applications. Despite this, the recent launch of ether futures products has sparked optimism that Bitcoin spot products might also receive approval.
Additionally, as the Bitcoin halving event approaches shortly, positive market sentiment is expected to prevail. It is important to highlight that, based on historical records, Bitcoin has not seen a negative October since 2013, barring two outlier years. This has led the cryptocurrency community to refer to the month as “Uptober”.
Furthermore, there has been a 46% increase in Bitcoin’s
Will the Bulls’ Upward Trend Continue?
A review of Bitcoin’s latest price fluctuations shows a dominant upward trend on the daily chart. The 9-day exponential moving average (EMA) is presently higher than the trading price at $27,710. Furthermore, the daily relative strength index (RSI) is at 60, suggesting an almost overbought condition.
From a technical analysis perspective, Bitcoin has recently broken through the resistance level of $27,440. If it can successfully exceed this level, it is expected to encounter the next significant resistance at $30,600, potentially testing the $31,590 level subsequently. On the other hand, if it falls below the $27,440 threshold, it could drop to the support level of $26,400.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
