Bitcoin (BTC) tapped $30,000 into the Oct. 20 Wall Street open as analysts directed attention to the weekly close.

BTC price sets up weekly close showdown

Data from Cointelegraph Markets Pro and TradingView captured new two-month BTC price highs of $30,233 on Bitstamp.

The pair showed continued strength during the Asia trading session, with a slight comedown taking place at the time of writing, taking the spot price back below $29,500.

With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally’s true staying power.

For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.

“This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below,” he wrote in part of an X post on the day.

“Some might consider that a confirmation of a bull breakout, but this market is known for squeezes and fake outs so I’m looking for more confirmations. For me BTC will also need to take out prior resistance at $30.5k, $31.5k and ultimately $33k to call a bull breakout confirmed and validated.”

Eyeing required support zones, popular trader Pentoshi flagged $28,9

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Author: William Suberg

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