The cryptocurrency market is on the rise on speculation of a spot Bitcoin ETF approval. Although this news turned out to be fake, the market did not return to the levels where it started its rise. The positive statements of BlackRock CEO Lary Fink were also a source of morale. In this environment, master analysts share entry levels for BTC.
Bitcoin buy-sell levels according to popular analyst
Many analysts describe the $27,300 to $27,700 price range as the accumulation zone to watch. At press time, Bitcoin (BTC) was forming a significant support above $28,000. Bitcoin is trading steadily after a sudden rally triggered by fake news that BlackRock’s BTC spot ETF has been approved by the SEC. cryptokoin.comAs you can see from , the enthusiasm following the news has worn off. However, leading market analysts continue to view Bitcoin’s growth spurt positively.
Crypto analyst Ali Martinez shared a chart showing Bitcoin changing hands above its Hot Supply Realized Price, which is currently $28,150. Realized Hot Supply Reward represents the less active component of an asset’s short-term owner supply. According to Martinez, BTC is ready for a new uptrend if support holds at the price level where this hot supply occurs. Meanwhile, Bitcoin rose 1.14% to $28,381.83. Additionally, although volume decreased by 17%, market capitalization remained stable at $554.65 billion
Ali Martinez also announced the trading levels for Bitcoin in his later post. In this context, the analyst shared the following:
According to Bitcoin 4-hour chart RSI, it’s time to sell! This trading strategy is very simple:
- Sell BTC when RSI exceeds 74.21.
- Buy BTC when the RSI falls below 30.35.
#Bitcoin | Based on the 4-hour chart RSI, it’s time to sell!
This trading strategy is very simple:
🔴 Sell $BTC when RSI exceeds 74.21.
🟢 Buy #BTC when RSI dips below 30.35.You can try this trading strategy at @PrimeXBT. Use the promo code alicharts and register here:… pic.twitter.com/JFB3Ik1Ovc
— Ali (@ali_charts) October 17, 2023
Entry levels by Michael van de Poppe
Another popular analyst, Michael van de Poppe, also believes in the current rally. But a fix awaits soon. The analyst was “positively surprised” that Bitcoin held above the $28,000 level despite the impact of rumors regarding BlackRock ETF approval. According to his chart, the analyst highlights the key points to watch as Bitcoin tries to recover. The first point involves the rally that started on September 25 and peaked around October 2. Bitcoin experienced a correction to touch a monthly low on October 12.
With the rise of BTC in recent days, it has reached the resistance point recorded on October 2. Judging by previous Bitcoin reactions; Van de Poppe expects a retreat. If this correction occurs, attention is focused on the $27,300 to $27,700 range. He labels these levels as a “buy the dip” area that people should pay attention to.
Bitcoin shows resilience
With the latest event the other day, Bitcoin showed resilience that helped altcoins in their own recovery. BlackRock CEO Larry Fink says Bitcoin rally on ETF news shows investors’ flight to quality. Many believe this is a bullish call.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!