Bitcoin Surges Past $30,000 Mark Amidst Positive Market Indicators

Bitcoin surged past the $30,000 mark amidst positive market indicators and analyst insights. CredibleCrypto, a crypto analyst, observed the situation and questioned the significance of a monthly close above $32,000, considering potential resistance at higher levels like $35,000 or $37,000. Current CoinGecko data shows Bitcoin’s price at over $30,500, with a 24-hour trading volume of $15.4 billion.

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If this is the early stages of a new $BTC trend I do not think you will get the deep pull backs and retests as many people expect

Max pain leaving everyone on the sidelines

— Johnny (@CryptoGodJohn) October 22, 2023

Over the past 24 hours, it rose by 2%, and in the week prior, it increased by 10%. Notably, Bitcoin exchange reserves declined, indicating reduced selling pressure. In derivatives trading, long positions are dominating shorts, signaling positive momentum as per CryptoQuant data. Crypto influencer @CryptoGodJohn suggested that the new Bitcoin trend might avoid significant price drops or retests of lower levels, contrary to popular expectations.

Bitcoin Key Levels To Watch – October 22

BTCUSD keeps expanding upward as the MACD (Moving Average Convergence Divergence) clearly shows the presence of bulls in the market. The price is closing, approaching the previous major high of $31862.00, as the bulls keep storming the market.

Earlier this month, the price action at the discount zone showed that a bullish trend was impending. BTCUSD broke out of a short-term consolidation zone as the MACD crossed the zero line to the upside. BTCUSD is likely to invalidate $31862.00 as the bulls overwhelm the market.

Bitcoin Key Levels

Resistance Levels: $31862.00, $36150.00, $41020.00
Support Levels: $28661.00, $24750.00, $22655.00

BTCUSD Metrics

Total Market Capitalization: $1.06T
Bitcoin Market Capitalization: $605B
Bitcoin Volume: $24B
Market Rank: #1

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