But Will It Pump Soon?

• Bitcoin trading volume surged by 32% in the past 24 hours.
• Potential resistance is at $30,600; support is at $27,000.

Bitcoin, the largest cryptocurrency by market capitalization, is currently experiencing bullish momentum. This uptrend was initially sparked by fake news that went viral, claiming an unverified approval of BlackRock’s iShares spot Bitcoin exchange-traded fund (ETF) by a popular news platform. As a result of this misinformation, it made a momentary two-month high, touching $30,000.

However, As soon as it was revealed to be fake news, the price swiftly dropped back to its previous range of around $27,000 in less than an hour. Despite this setback, the bulls have remained resilient.

At the time of writing, BTC is trading at $29,323, representing a 3.58% surge in the past 24 hours. During the same time frame, the trading volume has increased by 32%, reaching $16 billion.

Undeniably, the cryptocurrency market eagerly awaits positive momentum regarding Bitcoin ETF approvals. And this anticipation bolsters the bullish sentiment. Consequently, major asset investment firms are increasingly filing applications with the United States Securities and Exchange Commission (SEC) for new spot Bitcoin ETFs.

On October 19, Grayscale submitted an S-3 registration statement with the SEC with the intention of listing shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC. This development has been met with enthusiasm from the crypto community.

Moreover, in a recent report, prominent data analytics firm CryptoQuant expressed optimism, stating, “Bitcoin will become a $900 billion asset, and the total crypto market will grow by $1 trillion if Bitcoin spot exchange-traded funds (ETFs) are approved.”

Will Bitcoin’s Bullish Trend Persist ?

A closer analysis of Bitcoin’s current price movements reveals the presence of bullish forces. The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $28,191. Concurrently, the daily relative strength index (RSI) stands at 70, indicating that the asset is approaching overbought territory.

If BTC breaches the $29,400 mark, it will likely push the price to test the $30,600 resistance area. On the other hand, if the price breaks below the $27,690 support level, it will probably test the $27,000 level. A further decline could lead to a test of the $26,650 support level.

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