The price of Bitcoin tapped into a resistance zone of $30,000 into the 20th October Wall Street open with the analysts directing attention to the weekly close. According to data that was retrieved from TradingView and Cointelegraph Markets Pro, it was understood that the new two-month BTC price high was captured on Bitstamp at a sum of $30,233.
The pair went on to show some continued strength during the trading session in Asia, with a slight comedown taking place- which would take the spot price under a sum of $29,500. With the price volatility still pretty evident, the participants in the markets have argued that a weekly candle close would be needed in order to create the true staying power of the rally. According to Keith Alan, the co-founder of Material Indicators, a monitoring source, the moving average over 100 weeks at $28,627 was of importance.
Bitcoin Hits Good Resistance Zone Price
In an X post, Alan wrote that this move by Bitcoin was something everybody would be looking toward, but what he would be looking at was to see if the Weekly candle closed above the 100 Week MA, and if the candle for the next week would be staying above it with no wicks underneath.
Pentoshi, a popular trader, also went on to eye some of the required support zones, wherein they flagged $28,900 as the line in the sand for the bulls to hold on to. Skew, a fellow trader, also went on to suggest that a sweep at the late longs could result in some form of an entry opportunity prior to upside resuming. In a far more optimistic longer-timeframe view, Stockmoney Lizards, the trading team, went on to predict that the resistance just above $30,000 would be cracking pretty soon.
