17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

Crypto News– On October 17, the price of Bitcoin (BTC) surged to a peak of $30,000, but this upward momentum was short-lived.

17 October Bitcoin Price Holds Steady Above 28,000 Dollars, Disregarding Inaccurate ETF Approval Reports

During the same day, there was a noticeable development in the price action, characterized by a long upper wick, ultimately leading to trades closing below the $28,000 resistance level. Examining the daily timeframe technical analysis, it’s evident that the Bitcoin price has been on the rise since it bounced off the horizontal support zone at $25,000 on October 11.

A significant event occurred on October 1 when Bitcoin broke free from a descending resistance trendline that had constrained its movements since reaching its yearly high in July. Once the trendline was validated as a support level on October 11, the price began to accelerate its rate of increase. On the same day, a new monthly high for Bitcoin was achieved at $30,000.

However, the triumph of surpassing the $28,000 resistance level was short-lived, as the price generated a notably extended upper wick, which is often interpreted as a sign of mounting selling pressure in the market. This development serves as a reminder of the ever-present volatility and uncertainty in the cryptocurrency space.

Price Surge Sparked by False ETF Approval Reports

The Bitcoin (BTC) price experienced a brief surge to $30,000, coinciding with positive funding rates, primarily in response to reports of iShares BlackRock ETF approval. However, this rally was short-lived, as BlackRock swiftly clarified that the approval process was still subject to ongoing SEC investigation. This sudden reversal triggered over $100 million in liquidations, with $70 million stemming from short positions and $30 million from long positions.

Additionally, this market whipsawing phenomenon gave rise to a substantial spike in social volume related to keywords like “ETF,” “iShares,” and “$30k,” as reported by Santiment. This underscores the impact of breaking news and regulatory developments on the cryptocurrency market, emphasizing the importance of accurate and timely information for market participants.