In the intricate world of cryptocurrencies, Bitcoin price continues to maintain its dominance, both in market cap and in the headlines.
Currently priced at $34,745, it reflects a promising 2.06% surge on Thursday alone. As the market buzzes with anticipation for the impending Bitcoin halving, the potential for an ETF approval further amplifies the sentiment.
However, it’s not all sunshine in the crypto realm; the Financial Conduct Authority (FCA) reveals that 221 crypto-based entities have already faltered against the newly set UK promotional regulations.
Simultaneously, the broader economic landscape shaped by the USD and its data remains a crucial factor influencing Bitcoin’s trajectory.
Bitcoin’s Next Chapter: Halving & ETFs
Bitcoin (BTC) has reached a 17-month high, surprising many with its recent surge. While the exact reasons behind this surge are uncertain, it’s likely linked to two key factors: the upcoming BTC halving event and the potential approval of a Bitcoin exchange-traded fund (ETF).
Available #Bitcoin Supply to buy is becoming less and less.
The halving is only 160 days out, cutting the supply production in half.
The first Bitcoin Spot ETF is about to hit the market, increasing demand massively.
A perfect recipe for another massive bull run! pic.twitter.com/imZ6QRIJZh
— Crypto Rover (@rovercrc) October 25, 2023
The upcoming BTC halving, just six months away, has generated excitement in the cryptocurrency community. Historically, these halving events have boosted market sentiment and contributed to upward price trends, which is why many are now anticipating a new bull run.
Additionally, the growing hope for SEC approval of a Bitcoin ETF could also be influencing the positive momentum in the crypto market. The possibility of a regulated ETF for Bitcoin has sparked optimism among investors and traders, potentially driving up demand for BTC.
UK’s Crypto Crackdown: 221 Firms in Violation
The new crypto marketing laws in the UK have been broken 221 times since they went into effect, according to a study by the Financial Conduct Authority (FCA) of the United Kingdom. The main breaches concern assertions of crypto’s safety and use without mentioning related dangers, insufficient information regarding hazards, and inadequate risk alerts.
Find out the 3 common issues we’ve identified with #cryptoasset financial promotions.
Consumers should check the FCA Warning List before making any investment in #cryptohttps://t.co/CKn4cFxb11
— Financial Conduct Authority (@TheFCA) October 25, 2023
Following the restrictions’ October 8 implementation, the FCA previously sent out 146 notifications regarding rule infractions in a 24-hour period.
Certain alerts focused on fraudulent schemes that promised large cryptocurrency returns, but even firms that appeared to be real were subject to limitations.
Rebuilding society, for example, which collaborated with Binance for marketing compliance, stopped onboarding new customers in the UK.
This regulatory crackdown may result in further scrutiny of the cryptocurrency industry, which might alter market sentiment and damage BTC/USD. However, for the time being, it seems bitcoin is soaring high and ignoring such developments.
Dollar Dynamics: Latest Economic Insights
In the meantime, the market eagerly anticipates today’s release of the US GDP report, slated for later in the day. Projections indicate an advanced GDP growth rate of 4.5% for the quarter, a significant increase from the previous 2.1%.
Additionally, another critical economic indicator, Unemployment Claims, is set to be unveiled today, with an expected figure of 208,000 for the previous week.
TODAY MAJOR NEWS & EVENT’S IN MARKET
MARKET WILL BE VOLATILE & IRREGULAR MOVEMENTS ARE EXPECTED.
TRADE WITH PROPER STRATEGY & PLAN.BIG IMPACT NEWS WILL BE📉📈 –
1) US ADVANCE GDP
2) UNEMPLOYMENT CLIAMS
3) ECB PRESS CONFERENCE pic.twitter.com/mlHoNXbAVM— Sana Meer (@sanameer510) October 26, 2023
The US Dollar is already showing strength, with its index currently at 106.75 and showing a 0.21% gain against a basket of six major currencies. Despite the USD’s robust performance, BTC/USD continues to rise, primarily due to improved market conditions.
As we approach the American trading hours, it’s worth noting that these economic data releases may influence Bitcoin’s price fluctuations.
Bitcoin Price Prediction
The BTC/USD pair is currently hovering at $34,472, reflecting the intricate dance of bullish and bearish sentiments in the financial market. This 4-hour timeframe offers a clear snapshot of Bitcoin’s recent price activity.
One of the pivotal metrics for traders, the pivot point, is steadfastly placed at $33,894. As we observe the price dynamics, an immediate resistance is evident at $35,252, marked by the double top pattern.
Should the bullish momentum persist, subsequent resistance levels to watch are $36,099 and $36,977. However, if the bears gain an upper hand, the market might seek support at $33,126, which corresponds to the 38.2% Fibonacci level.
Further supports lie at $32,423 and $31,800, represented by the 50% and 61.8% Fibonacci levels, respectively.
Turning to technical indicators, the Relative Strength Index (RSI) stands at 70. This is noteworthy as an RSI above 70 typically indicates overbought conditions, suggesting a potential market pullback.
On the flip side, an RSI below 30 would signal an oversold scenario. The present RSI, being greater than 50, suggests a dominant bullish sentiment. Additionally, the 50-day Exponential Moving Average (EMA) is at $31,608. With the BTC price trading well above this EMA, it indicates a short-term bullish trend, underscoring the current buying dominance.
A notable chart pattern is the Double Top, a bearish reversal sign. Given its proximity to the $35,252 resistance, a failure to breach this could hint at a bearish downturn.
In conclusion, while the trend leans bearish below the $35,252 mark, a breakthrough could set the stage for a bullish rally, with the next significant resistance at $36,099 in sight.
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