The post BTC Price Analysis: Will Bitcoin Cross $30K This October? appeared first on Coinpedia Fintech News
Last night in the Asian markets, Bitcoin skyrocketed to form a massive green candle with a 2.52% jump in BTC price. As for why Bitcoin is rising – the US lawmakers have asked the SEC to approve Bitcoin spot ETFs already, saying there’s no good reason to keep denying them.
With the overnight sharp move in Bitcoin, even the altcoins market, fueled by the positive sentiment, took a reversal spin.
With the sharp recovery, Bitcoin undermines the short-term correction trendline and gives a bullish breakout. This ends the recent streak of lower high formations in BTC price and challenges the confluence of the 50 and 200-day EMAs.
Furthermore, the crypto price action shows a potential inverted head and shoulder pattern in the daily chart. With shoulders at $26K and head at $24,939, the neckline comes around the $27K barrier.
Currently, the BTC price trades at $26,975 with an intr
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