Bitcoin price is now firmly in the $29,000 region after news of the SEC dropping its lawsuit against Ripple executives broke on Thursday. The two top officials, Brad Garlinghouse and Christian Larsen were facing a lawsuit as individual defendants in the Ripple versus SEC lawsuit.
- Bitcoin Market Cap Dominance: 49.6%
- Bitcoin Market Cap: $570.32 billion
- Total Supply: 21 million
- Circulating supply: 19.518 million
Bitcoin price rose sharply and broke the $29,000 mark, effectively trying to break out of the prolonged consolidation zone it has been in but entering another larger one on the macro timeframe. Earlier this week, Bitcoin price skyrocketed by 10% after Cointelegraph posted an inaccurate tweet hinting that the SEC had approved iShares (owned by Blackrock) Bitcoin ETF.
Riding on the rumours, Bitcoin hit a high of $29,900 on Bitstamp and $31,000 on other exchanges. However, as the reality of the inaccuracy of the news dawned on the market, the price of Bitcoin subsided and closed Monday, October 16, 2023, at $28,518. Since then, Bitcoin has been gradually rising.
Higher Highs and Higher Lows – A Bullish Trend
- Key Support Levels: $27,936, $27,234, and $26,473
- Key Resistance Levels: $29,399, $30,100, and $30,801
- RSI Level: 70.09
Last week’s BTC analysis shows that the asset is up 10.3% and still rising. To break out of the range shown in the chart, Bitcoin must be another +8.66% from here and close above $31,817. Given the rumours surrounding Bitcoin ETFs, this might happen any day soon.
The rise in BTC’s price pushed it well above the 200-day and 50–day moving averages. When the price is above these two indicators, it signifies the market it bullish on the asset in question.
The RSI (14) is up 53% from last week’s level of 45. Past the 70-level, BTC becomes an overbought asset. SEC dropping its lawsuit against Ripple executives led to significant volatility in the crypto market, particularly in Bitcoin’s price. Speculation of Grayscale pushing forward with its Bitcoin ETF plans may result in boosted values.
ICYMI: BlackRock filed an updated spot Bitcoin ETF application after SEC feedback earlier today.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make investment decisions based solely on what you read here.