Major cryptocurrencies experienced a surge on Monday evening, driven by investors injecting funds into the market. This surge can be attributed to the growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF).
What Happened: Several prominent Wall Street firms have submitted applications to the Securities and Exchange Commission (SEC) for a new spot BTC ETF product.
Crypto-focused investment funds experienced a massive influx of $326 million in net inflows last week, marking the highest amount in a single week since July 2022, reported CoinShares.
According to the report, the primary driving force behind this surge was the rally in prices, ignited by the increasing optimism surrounding the potential approval of the SEC for the first spot bitcoin ETF.
The global crypto market cap currently stands at $1.26 trillion, reflecting an increase of 0.50% in the past 24 hours.
U.S. stock futures remained steady during Monday evening, following an upturn in the major benchmarks during a relief rally. S&P 500 futures slightly declined by 0.04%, while Nasdaq 100 futures saw a marginal decrease of 0.06%.
During Monday’s trading session, the S&P 500 successfully rebounded from correction territory and closed 1.2% higher, marking its most impressive performance since late August. The Nasdaq Composite also experienced a gain of about 1.2%.
On Wednesday, the highly anticipated Federal Reserve decision will take place, in which it is widely expected that the central bank will maintain its benchmark interest rate. This decision comes in response to the recent stock market correction, largely attributed to the surge in interest rates. As investors closely watch the outcome, they are hopeful that the Fed will provide indications that they have concluded their rate hiking efforts.
Analyst Notes
Crypto analyst Michael Van De Poppe has identified four tests of resistance for Bitcoin. According to his analysis, there is a strong possibility that, with another test, the price will break out and surpass the previous highs, creating a surge in liquidity. Based on his assessment, it seems quite “reasonable” to expect Bitcoin to reach the range of $36.5-37K.
Four tests of resistance for #Bitcoin.
Another test, and I’m expecting we’ll break out and take the liquidity above the highs.
Very reasonable we’ll see $36.5-37K. pic.twitter.com/toYTmTx85F
— Michaël van de Poppe (@CryptoMichNL) October 30, 2023
Crypto Tony, has indicated that Bitcoin is likely to be tested again in the range of $31,000 – $32,000. “I believe once we tap $36,000 to grab liquidity, or close enough we come then proceed back down. So be cautious this week in particular. Altcoins have there invalidation levels I have shared, so these should be risk free.”
I do expect $BTC $31,000 – $32,000 to get tested again
I believe once we tap $36,000 to grab liquidity, or close enough we come then proceed back down. So be cautious this week in particular#Altcoins have there invalidation levels i have shared, so these should be risk free
— Crypto Tony (@CryptoTony__) October 30, 2023
According to Koroush AK, a pseudonymous analyst, there are several key points to consider for BTC price action:
“1. $35k is our breakout level, expect price to explode after this.
2. $33k is a key ltf support, $31.5k key htf support.
2. Market structure looks great on daily through to monthly for bulls.
3. The right altcoins will outperform $BTC on the next breakout, I’ll share my favorite charts on telegram later.
4. Focus on price action, ignore the emotional highs and lows of social media.”
Bitcoin Thoughts
1. $35k is our breakout level, expect price to explode after this.
2. $33k is a key ltf support, $31.5k key htf support.
2. Market structure looks great on daily through to monthly for bulls.
3. The right altcoins will outperform $BTC on the next breakout,…
— Koroush AK (@KoroushAK) October 30, 2023
Produced in association with Benzinga
