Bitcoin Price Key Indicators Suggest Fresh Rally Toward $30K

Oct 17, 2023 04:00 am Cryptocurrency 81

Bitcoin price spiked toward $30,000 after fake news about spot ETF hit the market. BTC is now consolidating above $28,200 and could rise toward $29,200.

Bitcoin is holding gains above the $28,000 and $28,200 levels.

The price is trading above $28,200 and the 100 hourly Simple moving average.

There is a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh increase if there is a clear move above the $28,800 resistance.

Bitcoin Price Aims Higher

Bitcoin price started a strong increase above the $27,500 resistance zone. BTC saw a wild increase after fake news about the spot ETF approval hit the market.

There was a nasty increase above the $28,500 resistance. The price even spiked toward $30,000 before trimming gains. There was a drop below the $29,200 and $28,800 support levels. The price even declined below the 50% Fib retracement level ..

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