Bitcoin (BTC) is currently battling to hold the $34,000 level after a stellar rally and short squeeze saw its price push above $35,000 on Oct. 23.
In an Oct. 24 market update, Capriole Investments founder Charles Edwards noted that after seven months of consolidation, Bitcoin’s upward move melted the $32,000 resistance “like butter.” He expects that the upcoming monthly resistance is unlikely to be a hurdle, saying:
“It would make sense to see either a rapid continuation to mid-range ($43K) or short-term consolidation between support resistance at $32-$35K before continuation.”
As Cointelegraph mentioned in an earlier price update:
“Successive daily closes above the $31,700 level would be notable, as daily or weekly higher high candles above this level puts the price above a key pivot point and enters territory not seen since May 2022.”
Regarding the catalysts for this week’s price move, Edwards agrees that the recent fervor over what looks to be a sooner-than-later Securities and Exchange Commission approval of a spot Bitcoin exchange-traded fund (ETF) is contributing to the rally, but he also cites a handful of other near-term factors.
LayerTwo Labs founder Paul Sztorc concurred, telling Cointelegraph, “I think we’re seeing meaningful inklings of a broader decoupling of Bitcoin from equities, and this divergence of sorts has taken a lot of market participants by surprise.”
Potential concerns related to “foreign conflict and rising macroeconomic uncertainty, expectations among traders had been focused on a forthcoming dip that ultimately didn’t materialize.” But Sztorc explained that during the U.S. regional banking crisis, the market underwent “a similar divergence,” which resulted in “Bitcoin outperforming then
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Author: Ray Salmond
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