- Bitcoin trading volume has surged by 46% in the past 24 hours.
- Traders eye the $30,600–$31,590 range for potential gains.
Bitcoin, the largest cryptocurrency by market capitalization, has been making significant strides with a remarkable bull run. Over the weekend, it surged from $27,132 to $28,494 before retracing to $27,601. Despite a bearish September, this past week has seen a resurgence of bullish sentiment, resulting in some price volatility.
The fact that BTC is trading above the $28,000 mark has ignited positive momentum within the crypto community, as this price range was eagerly anticipated by traders. Much of this optimism stems from the anticipation of ETF approvals by the U.S. Securities and Exchange Commission (SEC), which have been currently postponed.
As a positive sign of impending ETF approvals, investment management firm VanEck launched its Ethereum Strategy ETF on October 2nd, listed under the ticker EFUT and available for trading on the Chicago Board Options Exchange (CBOE).
Meanwhile, numerous firms have active applications for launching their own Bitcoin ETFs, including mainstream financial institutions like BlackRock and crypto-focused entities like Bitwise. However, as previously mentioned, the SEC has delayed decisions on these applications. Nevertheless, the introduction of ether futures products has raised hopes that spot Bitcoin products may also gain approval.
Furthermore, with the Bitcoin halving event looming in the coming months, traders anticipate that bullish sentiment will dominate. It’s worth noting that historical data shows Bitcoin hasn’t experienced a negative October since at least 2013, with only two exception years. This made the crypto netizens celebrate the month using the nickname “Uptober”.
Additionally, Bitcoin’s trading volume has surged by 46% in the past 24 hours, reaching $18 billion.
Will the Bulls Sustain Their Rally?
An analysis of Bitcoin’s recent price movements reveals a prevailing bullish trend on the daily chart. The 9-day exponential moving average (EMA) currently stands above the trading price at $27,710. Moreover, the daily relative strength index (RSI) is at 60, indicating a near-overbought condition.
In terms of technical levels, Bitcoin recently breached the $27,440 resistance level. If it manages to surpass this level, the next major resistance is anticipated at $30,600, with a potential test of the $31,590 level thereafter. Conversely, a break below the $27,440 mark could lead to a decline towards the $26,400 support level.
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